State Ethics Board Allows Lawyers to Hold Cryptocurrency in Escrow, But Not for Legal Fees – Law.com

State Ethics Board Allows Lawyers to Hold Cryptocurrency in Escrow, But Not for Legal Fees – Law.com

Blockchain Crypto Market Technology
August 22, 2022 by Coinvasity
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“Because cryptocurrency is treated as property, the Board concludes that it may be held by a lawyer for clients or third persons in connection with a representation or law-related business,” the advisory opinion said.
August 18, 2022 at 03:26 PM
3 minute read
Cryptocurrency
In an advisory opinion, the Ohio Board of Professional Conduct stated that attorneys may hold cryptocurrency in escrow when related to the representation of a client or for a third party through a law-related business.
The professional conduct board joined other ethics boards issuing opinions on the issue, most notably Nebraska, the first to issue an opinion in 2017.

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