The Impact of Lawsuits on Cryptocurrencies Adoption

The impact of lawsuits on Cryptocurrency Adoption could be disastrous. Cryptocurrency has not been on earth for a long time. Its evolution is still young and has already seen challenges like court cases and lawsuits. Legal actions can affect the adoption of cryptocurrency. These legal steps can impact the currency in many ways. It could be: Increase in Demand for Blockchain Lawyers Investors’ Fear of Lawsuits Questions on Legality of Cryptocurrencies Distraction from the Roadmap High Demand for Blockchain Lawyers One of the lawsuits that lingered in the Crypto space was the Security and Exchange Commission lawsuit regarding the team’s involvement in Ripple’s native token XRP. This case led to high demand for blockchain and Cryptocurrency lawyers. The nascent duration of this space made their fees exuberant. Likely, projects with potentially splendid ideas for the crypto space will not be able to afford to attract a lawyer. The demand of the few ones in the industry is unavoidable. This situation has affected the growth of the Cryptocurrency market. Investors’ Fear of Lawsuits Financial services providers and research firms would never recommend investing in tokens or coins with unresolved lawsuits. This fear might lead to panic sales which could collapse the project. The new investors who had seen the high potential in those projects might be cautious about infusing funds, fearing their assets will freeze. This situation could...