While many big law firms have created blockchain or
digital currency practices in recent years, few have positioned them as cleanup crews.
Stephen Palley, a lawyer in Washington D.C., known for his wry tweets about the cryptocurrency frenzy, has started a blockchain and
virtual currency practice with an unusual focus.
In a report published in October, the Treasury Department declined to label South Korea a currency manipulator, but placed it on a «monitoring list» for
its currency practices and large trade surplus with the United States.
President Obama has pledged as President to use aggressively all the diplomatic avenues open to him to seek change in China's
currency practices.
According to attorney Alan Cohn, co-chair of Steptoe & Johnson LLP's Blockchain and Digital
Currency practice, the government currently classifies bitcoin as several different types of asset at once, including both property and currency.