DoNotPay CEO Joshua Browder joins Bloomberg's Ed Ludlow and Sonali Basak to discuss the rising number of crypto lawsuits - this as the recent market turmoil is bringing serious pain to investor portfolios - and how legal services chatbot DoNotPay wants to help the average crypto investor get their money back.
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Francisco Gimeno - BC Analyst And.... this is the proverbial small snowball which rolling down becomes a huge snow boulder smashing everything on its path. There have been warnings about the dangers of lawsuits in crypto for some time now, due to the lack of regulation, the unprofessional writing of White Papers, the standing of the Fed and now other international regulators on what is a security and what is not in crypto, etc. And now that not only retail investors but institutional ones have felt the pain on their own turf we won't be surprised when this happens. One good consequence: new platforms and services in crypto will be more careful when writing their documentation, preparing their products and following international regulations. There are those who got lots of money (remember EOS, other platforms) and now may have legal issues, and there are those who have been working under the horizon, committing themselves to launch good products which solve real issues and are legally compliant. Long term is clear who is going to stay.