August 29, 2018In the News

Aaron featured in “Caution is Key with Cryptocurrency”

Wisconsin Law Journal

Michael Best Senior Counsel Cheryl Aaron was featured in Wisconsin Law Journal’s article, “Caution is Key with Cryptocurrency” on August 29, 2018.

“Cryptocurrency is an emerging technology, so the law hasn’t quite caught up with it yet. In the U.S., states have no single set of rules governing its use, if they have any rules pertaining to cryptocurrency at all. The various arms of the federal government also lack a uniform approach…

Generally, cryptocurrency remains largely unregulated, which means dealing with it can be risky because the protections people and companies are used to when paying with checking accounts and credit cards go away.

And then there’s the question of what happens if someone steals your bitcoins, which is just one of the many types of cryptocurrency out there…

Washington, D.C.-based derivatives lawyer Cheryl Aaron of Michael Best & Friedrich, which opened a cryptocurrency and block-chain practice last year, noted that one of the risks of accepting cryptocurrency is that it can be hacked, so businesses and their legal counsel have to ensure that whatever wallet or exchange they are using has the appropriate security measures.

‘It is not clear, right now, if you’re hacked, how you could be made whole again,’ Aaron said.”

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