Co-founder of Twitter and CEO of Block Jack Dorsey announced the launch of a fund to protect bitcoin developers in legal proceedings.
The Bitcoin Legal Defense Fund aims to protect a “particularly susceptible to legal pressure” community. The foundation is ready to provide lawyers, develop defense strategies and cover legal costs so that bitcoin developers can continue their work without any pressure.
The Fund includes the CEO of Block, co-founder of Chaincode Labs, Alex Morkos, and scientist Martin White. The Fund, if necessary, is ready to consider the option of attracting external financing.
Initially, the Bitcoin Legal Defense Fund will be supported by volunteers and part-time lawyers. The first event of Fund will be support for 16 developers who became defendants in a lawsuit from Craig Wright.
Jack Dorsey email sent to the Bitcoin developer’s mailing list said:
“To Bitcoin Developers:
The Bitcoin community is currently the subject of multi-front litigation. Litigation and continued threats have their intended effect; individual defendants have chosen to capitulate in the absence of legal support. Open-source developers, who are often independent, are especially susceptible to legal pressure. In response, we propose a coordinated and formalized response to help defend developers. The Bitcoin Legal Defense Fund is 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 main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills. This is a free and voluntary option for developers to take advantage of if they so wish. The Fund will start with a corps of volunteer and part-time lawyers. The board of the Fund will be responsible for determining which lawsuits and defendants it will help defend.
The Fund’s first activities will be to take over coordination of the existing defense of the Tulip Trading lawsuit against certain developers alleging breach of fiduciary duty and provide the source of funding for outside counsel. At this time, the Fund is not seeking to raise additional money for its operations but will do so at the board’s direction if needed for further legal action or to pay for staff.”
In December, Dorsey-led payments company Square changed its name to Block to emphasize its commitment to the blockchain. Yesterday Block announced their upcoming Bitcoin ASICs. Twitter CEO Jack Dorsey also revealed his efforts to build a decentralized Bitcoin exchange and Confirmed Square Is creating a Bitcoin Hard Wallet.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
