![]() ![]() ![]() The Nebraska Code of Professional Conduct prohibits attorneys from charging unreasonable fees. First, the opinion states that an attorney may accept Bitcoin and other digital currencies for payment, but under certain circumstances. The opinion from the Advisory Committee answers three questions that arise with the intersection of a law practice and digital currencies. A number of Nebraska software companies are also developing applications using the software foundation of Bitcoin, known as blockchain technology, to create other applications that don’t involve payments.” “Bitcoin and other currencies like it are being used on a daily basis in Omaha and Lincoln, often being purchased from one of the Bitcoin ATMs in the area. “Eastern Nebraska is rapidly growing into a hub for payment processing and ‘fintech’, the new field of financial technology,” said Matt McKeever, an attorney with the law firm of Copple, Rockey, McKeever & Schlecht with offices in Norfolk and Omaha, who requested the opinion from the Advisory Committee. Although Opinion 17-03 addresses only the conduct of attorneys licensed to practice law in the State of Nebraska, other states that also use similar Rules of Professional Conduct to govern their attorneys may see it as a guide for their own judicial systems or bar associations. Because they often use mathematical problems and encryption as part of their program, protocols such as Bitcoin are alternatively called “crypto-currencies”.Īlthough law firms across the country have announced that they accept bitcoins for payment, Opinion 17-03 is the first opinion from a state bar association on whether attorneys can do so in compliance with the Rules of Professional Conduct, the system of ethical rules that attorneys in many states must follow. Bitcoin and similar programs have been called “digital currencies” or “virtual currencies”. The Advisory Committee published its Opinion 17-03 at the State of Nebraska Judicial Branch website on September 11, 2017.īitcoin is a software program that creates a shared, digital ledger book that has been used by many around the world as a payment system resembling a currency since year 2009. The Lawyer’s Advisory Committee appointed by the Nebraska Supreme Court recently published an opinion stating that it is ethical for attorneys licensed in Nebraska to receive digital currencies such as Bitcoin as payment for legal services and to also hold them in trust for clients. Omaha, Nebraska, Septem– The Omaha law firm of Copple, Rockey, McKeever & Schlecht is preparing to implement policies to accept payment by Bitcoin and similar digital currencies in light of a recent opinion of The Lawyer’s Advisory Committee.
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