The Ohio Board of Professional Conduct has issued an advisory opinion that addresses the safeguarding of cryptocurrency by lawyers on behalf of clients or third parties.
Advisory Opinion 2022-07 concludes that cryptocurrency is a form of property that may be held by lawyers in escrow if the lawyer complies with the ethical obligations applicable to handling traditional forms of client funds and property. Given the unique and novel nature of cryptocurrency, the board also concludes that a lawyer must maintain the requisite technological competency to receive and hold the property, inform clients of any risks related to the transaction, and advise clients of the steps the lawyer will undertake to safeguard the property.
Ohio is the fourth jurisdiction to address the ethical obligations of lawyers who accept cryptocurrency.
