Nelson Mullins Riley & Scarborough partner Jackson Hwu. Blockchain and South Florida: Four Things the Legal Community Should Know
As the South Florida legal community prepares for an influx of new talent, investors, technology and money, here's what attorneys need to know to prepare.
June 20, 2022 at 11:06 AM
6 minute read
Since the now famous "How Can I Help?" tweet from Miami Mayor Francis Suarez in 2020, major blockchain companies such as crypto exchanges Blockchain.com and EToro have established their U.S. headquarters in Miami. Investments in the sector skyrocketed 2,061% in 2021, according to VC firm Telstra Ventures' analysis, and venture capital activity in Florida grew seven-fold in 2021, attracting more than $1.3 billion in early-stage funding. The Miami Angels have also dubbed crypto and NFTs, edtech, and proptech as standout areas for Miami.
As the South Florida legal community prepares for an influx of new talent, investors, technology and money, here's what attorneys need to know to prepare.
- Are crypto currencies, DeFi/yield-producing products and NFTs regulated in the United States?
Yes. There is a regulatory framework in the United States and companies looking to offer these products must comply with existing laws or risk being shut down in addition to potential civil and criminal penalties for the founders. We describe this as the "square peg-round hole" scenario.
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