Business and tech deals in the cryptocurrency industry often lack formal agreements and are finalized with a simple handshake, explain Wilson Elser attorneys John Cahill and Jana Farmer. They caution this approach often leads protracted litigation, liability risks, and even adverse tax consequences.
Blockchain technology enables professionals around the world to work collectively on non-fungible token projects, create new cryptocurrencies, build decentralized crypto-exchanges, or DEX, and engage with other facets of the web3.
However, because business deals in the crypto space often lack formal arrangements, such as written contracts or a corporate formation, the parties may be exposing themselves to unnecessary expenses, liability risks, and even adverse tax consequences.
Although having a written contract is not a panacea, a recent case illustrates how one party’s litigation position would have been much stronger with one in place.
In Bendtrand Global Services S.A. v. Silvers, a...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...