Jack Proposes Creation Of Fund To Address Bitcoin Developers’ Legal Troubles

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Jack Dorsey Proposes Creation Of Fund To ?Minimise Legal Headaches? Of Bitcoin Developers

Jack Dorsey has pro­posed a fund for min­imis­ing Bit­coin devel­op­ers’ legal hassles

Twit­ter co-founder Jack Dorsey, a cryp­tocur­ren­cy advo­cate, has pro­posed the estab­lish­ment of 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 con­veyed the infor­ma­tion in an email to the devel­op­ers’ mail­ing group. The fund will offer free legal help and will most­ly rely on part-time and vol­un­teer attor­neys. Mem­bers of the board, includ­ing Dorsey, will assess cas­es and decide who receives assis­tance from the group.

Along with Dorsey, the Bit­coin Legal Defense Fund Board com­pris­es Chain­code co-founder Alex Mor­cos and aca­d­e­m­ic Mar­tin White. All three were sig­na­to­ries on the email that was sent to the Bit­coin devel­op­ers on Wednesday.

The email addressed to “Bit­coin Devel­op­ers” stat­ed that “the Bit­coin Legal Defense Fund is a non-prof­it enti­ty that aims to min­imise 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 “fund’s first activ­i­ties” will be to take over the coor­di­na­tion of the ongo­ing defence of the Tulip Trad­ing lit­i­ga­tion against sev­er­al devel­op­ers for vio­la­tion of fidu­cia­ry duty, as well as to pro­vide financ­ing for out­side lawyers. The fund is not cur­rent­ly solic­it­ing addi­tion­al funds 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 the heat on the Bit­coin com­mu­ni­ty, which was fac­ing mul­ti­ple lit­i­ga­tions. As a result of these threats and lit­i­ga­tions, indi­vid­ual defen­dants have, at times, capit­u­lat­ed in the absence of legal help. Open-source devel­op­ers, who are fre­quent­ly self-employed, are par­tic­u­lar­ly vul­ner­a­ble to legal pres­sure. As a result, we rec­om­mend a con­cert­ed and cod­i­fied reac­tion to assist devel­op­ers in defend­ing themselves.

Dorsey is the cre­ator of the pay­ments firm Block, for­mer­ly known as Square. In Novem­ber 2021, resigned from Twit­ter to pur­sue Block­’s cryp­tocur­ren­cy goals. In its cor­po­rate trea­sury, the firm has more than $350 mil­lion in Bitcoin.

Dorsey has repeat­ed­ly shown his sup­port for Bit­coin and expressed tremen­dous opti­mism about the cryp­tocur­ren­cy’s future. He stat­ed at the Bit­coin 2021 Con­fer­ence that he did not believe there was any­thing more impor­tant to work on in his life­time than Bitcoin.



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