ADOPTED | Legal Ethics Opinion 1898, Cryptocurrency.
September 19, 2022
On September 19, 2022, the Supreme Court of Virginia adopted Legal Ethics Opinion 1898, Cryptocurrency effective immediately.
View the Court's order. (PDF file)
July 7, 2022
At its meeting on June 16, 2022, VSB Council approved, with 41 yea votes and 9 nay votes, proposed advisory LEO 1898. The proposed opinion has been presented to the Supreme Court of Virginia for approval.
View petition to the Court (PDF file)
View the appendix to the petition (PDF file)
May 31, 2022
The Standing Committee on Legal Ethics voted on May 26, 2022, to submit the proposal to VSB Council for approval at its June, 16, 2022, meeting.
March 25, 2022
VSB Seeks Comment on proposed opinion that provides guidance on some of the
technical issues surrounding cryptocurrency and what it means to act
competently to safeguard the cryptocurrency.
Pursuant to Part 6, § IV, ¶ 10-2(C) of the Rules of the Supreme Court of
Virginia, the Virginia State Bar’s Standing Committee on Legal Ethics
(“Committee”) is seeking public comment on proposed advisory Legal Ethics
Opinion 1898 – Cryptocurrency.
This proposed opinion concludes that a lawyer may accept client property
including cryptocurrency offered as an advance payment for the lawyer’s
services, provided the lawyer’s fee is reasonable under Rule 1.5, and this
business transaction with the client meets the requirements of Rule 1.8(a),
namely, that the transaction is fair and reasonable to the client, the
transaction and terms are fully disclosed in writing in a manner the client
understands, the client is advised of the opportunity to consult with
independent counsel, and the client’s consent is confirmed in writing. When
cryptocurrency is being held by the lawyer as an advance fee, the requirements
of Rule 1.15 regarding safekeeping client property apply and require that the
lawyer take reasonable steps to secure the client’s property against loss,
theft, damage or destruction.
Inspection and Comment
The proposed advisory opinion may be inspected below. Copies of the proposed
advisory opinion can be obtained from the offices of the Virginia State Bar by
contacting the Office of Ethics Counsel at (804) 775-0557.
Any individual, business, or other entity may file or submit written comments
in support of or in opposition to the proposed opinion with Karen A. Gould,
Executive Director of the Virginia State Bar, not later than
May 4, 2022. Comments may be submitted via email to
[email protected].
View proposed LEO 1898
(PDF)