Crypto lawyers will remain in demand as regulatory pressure reaches a boiling point.

Crypto-savvy lawyers will play an increasingly important role at Web3 firms — especially the latter. Implementation of FTX And the industry is poised for regulatory turmoil, two legal academics believe.

Thomas Hook, a professor at Boston Law School and chief compliance officer at crypto exchange Bitstamp, told Cointelegraph that Web3 lawyers will soon become a “business differentiator” as they face the tough task of helping firms. Navigate through legal and regulatory uncertainty.

This will ultimately determine how fast. Firms can market their products and services, Hook explained:

“Given the lack of clarity and complexity of many regulations, Web3 companies will continue to need legal and compliance representatives to support them. can help or hinder getting to market faster in a legal and compliant manner.

“Without them, companies could face setbacks as regulators look to take over the industry,” Hook added.

Dr. Aaron Lane, senior research fellow at RMIT’s Blockchain Innovation Hub, told Cointelegraph that in the current environment, Web3 companies should play it safe and Access to legal advice where appropriate.

“Entrepreneurs are used to making decisions under economic uncertainty but are not so good at operating under legal uncertainty.”

Lane explained that the pace of blockchain-based innovation, paired with more than 50 independent digital asset bills introduced in the United States Congress in recent days, further underscores the need.

He believes some of the best Web3 lawyers will come from the field of commercial law, which is an “important” base for lawyers in the crypto field.

“A good Web3 lawyer will be a good commercial lawyer. The best Web3 lawyers in the field today started out as commercial lawyers of some sort and I expect that foundation to remain important.

Lane emphasized, however, that “knowledge of the technologies that make up the Web3 stack will grow in demand rapidly over the next decade.

Related: The lawyer explains the new federal virtual asset law in the UAE.

For now, however, the sector is “very niche,” according to CryptoRecruit founder Neil Dundon.

Lane added that most legal representation for Web3 firms is provided by outside counsel, rather than in-house counsel, who specialize more in matters related to financial services and securities laws.