A Nebraska ethics board just granted attorney’s permission to accept bitcoin, with a few stipulations. The Lawyers Advisory Committee granted approval, and also suggested accepting bitcoin is not at odds with codes of professionalism.
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The Advisory committee represents an 8-person organization that makes conduct decisions for attorneys in Nebraska. The State of Nebraska Judicial Branch further clarified their role: “The eight members of the Lawyers’ Advisory Committee are attorneys appointed by the Nebraska Supreme Court. Each Supreme Court Judicial District is represented on the Committee and the chairperson and vice chairperson are selected at large.”Bitcoin Acceptance Rules for Nebraska Lawyers
On the Nebraska Ethics Advisory Opinion For Lawyers document, 3 different questions were presented before the board. Each question pertained to attorney’s accepting bitcoin for client services:A. May an attorney receive digital currencies such as bitcoin as payment for legal services? B. May an attorney receive digital currencies from third parties as payment for the benefit of a client’s account? C. May an attorney hold digital currencies in trust or escrow for clients?
Board Decisions on the Questions
For A, the board agreed that Nebraska attorneys should be able to receive bitcoin as a form of payment. However, they have to immediately turn the bitcoin into fiat currency. The document ...