Jack Dorsey wants to defend Bitcoin developers from legal trouble with a new fund
Jack Dorsey, co-founder of Twitter and ardent supporter of cryptocurrencies, has proposed a non-profit legal defence fund for Bitcoin developers. The fund will assist Bitcoin project developers around the world in fighting lawsuits, which are increasing in number as the ecosystem grows larger.
Signatories on the email sent to the bitcoin-dev mailing list on Wednesday include Chaincode co-founder Alex Morcos and academic Martin White, in addition to Dorsey. The email, titled “Bitcoin Legal Defense Board,” mentioned a fund intended to develop legal strategies for the Bitcoin developer community.
Signatories on the email sent to the bitcoin-dev mailing list on Wednesday include Chaincode co-founder Alex Morcos and academic Martin White, in addition to Dorsey. The email, titled “Bitcoin Legal Defense Board,” mentioned a fund intended to develop legal strategies for the Bitcoin developer community.
The email, which was shared on Twitter, emphasises that the fund is free and voluntary, which means that developers are free to use it if necessary. It will have a board of directors as well as a group of part-time lawyers and volunteers. The board will make the decision on which lawsuits will be defended.
According to the email, the fund does not currently have outside capital and is not looking for it. It may, however, seek outside funding in the future if the board of directors deems it necessary.
The fund will first be used in Craig Wright’s Tulip Trading Limited (TTL) lawsuit against several Bitcoin developers. According to a CoinDesk report, the lawsuit is related to funds from the defunct Mt. Gox exchange.
Even though Dorsey’s proposal will focus on the Bitcoin developer community, it will serve as a support for the community as a whole for the time being. Bitcoin developers are essentially individuals or teams from all over the world who implement upgrades to the Bitcoin network. Because there is no centralised entity to sue, these developers are usually targeted individually. This frequently renders them defenceless in the face of lawsuits, leaving them with no choice but to close their doors.