Law Firm Enables Companies To Provide Legal Services For The Crypto Clients

Law Firm Murphy&McGonigle created a new platform better known as the Blockchain Litigation Database in order to offer legal services to crypto clients and in today’s altcoin news we take a closer look at the platform.

The BLD will now make easier for other legal companies to provide legal services for the crypto sector companies that are concerned about being compliant with the SEC and CFTC regulations. The acting director of the US Financial Crime Enforcement Network Jamal El-Hindi, back in July filed a lawsuit of about $110 million against the former BTC exchange head Alexander Vinnick. The case alleged that his company provided services to more than 700,000 customers without going through the anti-money laundering or know-your-customer processes. The law firm enables companies to now provide services for an easier outcome.

A few days before the filing, the New Jersey Attorney general Gurbir Grewal also launched a case against the ethereum startup Pocketinns for violating the security laws of the state. According to the Grewal, Pocketinns raised more than $410,000 and intended to use the funds to construct a decentralized marketplace that will eventually compete with Uber and Amazon. Back in 2018, the US Federal and State level regulators noted that they will aggressively pursue legal action against companies that offer unregistered securities sales.

Up to this date, there are now more than 250 cases against multiple offenders and each can be found on the website and on the BLG of the law firm database. The Law firm enables users to seek and solve cryptocurrency cases from different jurisdictions into a single and easily searchable database. Currently, the law firm represents Morgan Stanley, Bittrex, Coinbase and Capital One. They charge up to $5,000 to access the platform and $2,500 for membership. According to the partner of the company Daniel Payne, many law firms are now trying to adapt to the technology and want to attract blockchain and crypto clients.

Pay said that a law firm just like the one where he works like the fintech startups and they are even becoming more attractive to them. The database contains cases that go back up to November 2011 when the United States against Theresa Tetley led her into a one-year prison sentence for money laundering. As we can read in the latest cryptocurrency news, the number of companies offering legal advice shows that blockchain companies are trying hard to stay compliant.