Jack Dorsey proposes a fund to ease bitcoin developers’ legal troubles
Twitter co-founder Jack Dorsey, a cryptocurrency advocate, has proposed setting up a non-profit legal defense fund for bitcoin developers. The Bitcoin Legal Defense Fund will assist developers of the world’s first cryptocurrency in fighting lawsuits, which are becoming more common as the ecosystem evolves. Dorsey informed the developers’ mailing group in an email. The fund will offer free legal aid and will rely mostly on part-time and volunteer lawyers. Board members, including Dorsey, will assess cases and decide who receives support from the group.
Along with Dorsey, the Bitcoin Legal Defense Fund board includes Chaincode co-founder Alex Morkos and academic Martin White. all three were signatories to this E-mail Which was sent to bitcoin developers on Wednesday.
The email addressed to “Bitcoin Developers” states that “The Bitcoin Legal Defense Fund is a non-profit organization that aims to alleviate the legal headaches that cause software developers to actively engage in bitcoin and related projects such as the Lightning Network, the bitcoin privacy protocol.” , and the like”.
The “First Activities of the Fund” will be to coordinate the ongoing defense of Tulip Trading litigation against multiple developers for breach of fiduciary duty, as well as to provide financing for outside attorneys. The Fund is not currently seeking additional funding for its activities, but will do so at the direction of the Board if additional legal action or staffing is required.
The creation of the fund was a result of heat on the bitcoin community, which was facing several lawsuits. As a result of these threats and lawsuits, individual defendants sometimes surrender for lack of legal aid. Open-source developers, who are often self-employed, are particularly vulnerable to legal pressure. As a result, we recommend a solid and codified response to help developers defend themselves.
Dorsey is the creator of payments firm Block, formerly known as Square. In November 2021, resigned from twitter To further Block’s cryptocurrency goals. In its corporate coffers, the firm has over $350 million in bitcoins.
Dorsey has repeatedly shown his support for bitcoin and expressed tremendous optimism about the future of the cryptocurrency. He said at the Bitcoin 2021 conference that he didn’t believe there was anything more important than bitcoin to work on in his lifetime.
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