The cryptocurrency boom has triggered the demand for specialized lawyers, but the specific experience is scarce.
Going from the legal advice of a company to a firm is something common in the legal sector when certain experience has been achieved. The opposite path is not so common, except in the highest positions, such as the secretary of a council. This has changed recently, as the cryptocurrency boom has triggered the demand for specialized lawyers. However, such experience is scarce and the fight to sign the best talent has already begun. In the United States, a position for an internal consultant can easily reach US$250,000 per year, in addition to other types of incentives.
These are not senior lawyers, but professionals who have between three and five years of experience in this field, whether it is in the issuance of some type of cryptoactive, in regulatory matters, or even in litigation. Cryptocurrency exchange platforms, as well as new fintech startups, have unleashed a real battle for the best legal talent in the US.
At stake are billions. Specifically, US$30,000 million. That is the amount that was invested last year in crypto assets around the world, according to data from KPMG. If the radar is extended to the fintech world, the amount skyrockets to US$210 billion.
Market on the Rise
Cryptocurrency exchange platforms are going through a crucial moment in the United States. While several cities, with Miami and New York in the lead, are vying for the title of the international hub of the crypto world, the Joe Biden administration is debating how this sector should be regulated, including whether or not it makes sense to launch a crypto dollar.
The director of Kraken’s legal practice, Marco Santori, announced in February that the cryptocurrency exchange planned to hire 30 lawyers before May. He himself assured that, in reality, the company really needed 60 lawyers. There was only one but: “Honestly, I don’t know how to get them.”
Statistics also show that in the US practically two out of every 10 positions that end up in the hands of a headhunter in the legal sector are related to the crypto world or new technologies applied to the financial field, while a few years ago that same Prominence was reserved for other star areas, such as commercial or fiscal, or failing that, for sectors with large margins, such as real estate.
SEC Also Needs ‘Cryptoexperts’
SEC, the United States stock market supervisor, is also recruiting experts in the world of crypto assets and has just announced the hiring of 20 new profiles to strengthen the department specialized in the digital world and which has just been renamed the Cybernetics and Security Unit. Crypto assets.
The profile most demanded by the SEC to cover these new 20 positions is that of a lawyer, followed by economists, or a double degree that combines both specialties. On the one hand, it will hire legal experts who know the crypto world and collaborate with the supervisor’s investigators to detect any type of threat in the markets. In addition, it will reinforce the team with trial lawyers who can work on the front lines before the US courts.
By Audy Castaneda
