Jack Dorsey, the former CEO of Twitter, has been one of the most vocal advocates for Bitcoin. After leaving Twitter, Dorsey is now focused on a wide range of initiatives surrounding Bitcoin, with the latest being the launch of a fund to support the legal defence of Bitcoin developers.
The new fund dubbed “Bitcoin Legal Defense Fund” will offer legal defence services to Bitcoin developers.
Dorsey launches fund for Bitcoin developers
Dorsey sent an email to Bitcoin developers informing them about the new fund. The email noted that the fund would be a “nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin Privacy protocols, and the like.”
The launch of this fund comes at a critical time for Bitcoin developers. The Bitcoin development community has recorded a notable increase in the number of “multi-front litigation and continued threats.”
The effect of these cases is that most of the developers involved end up giving up on the legal efforts to fight the cases due to a lack of a knowledgeable legal support team. However, Dorsey’s fund seeks to cover this gap.
The main objective of this fund is to create a defence team that will argue cases on behalf of developers. The lawsuits covered by the fund are those concerning the activities of these developers in the Bitcoin network.
The email also adds that the fund will be useful in “finding and retaining defence counsel, developing litigation strategy, and paying legal bills.” The fund will be free, and it will not be mandatory for Bitcoin developers to use it when they need legal assistance.
The board of this fund will comprise Jack Dorsey, Martin White, an academic expert and Alex Morcos, the co-founder of Chaincode Labs. The board will be tasked with choosing the lawsuits and defendants.
Dorsey’s fund selects its first legal case
The fund has already picked the first case that it will address. The email adds that the fund will “take over coordination of the existing defence of the Tulip Trading lawsuit against certain developers alleging breach of fiduciary duty and provide the source of funding for outside counsel.”
The Tulip case is popular in the cryptocurrency sector. The case involves Craig Wright, who claims to be Bitcoin’s founder, Satoshi Nakamoto. Wright sued several Bitcoin developers for allegedly making him lose more than $4 billion worth of Bitcoin after a hack. According to Craig, these developers have to reverse the transaction.
Your capital is at risk.
Read more:
Be the first to comment