Jack Dorsey announces Bitcoin Legal Defense Fund

Former Twitter CEO and founder Jack Dorsey has introduced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and Martin White, who seems to be an educational on the University of Sussex.

The announcement was despatched on a mailing record for Bitcoin builders, bitcoin-dev, at 00:13:45 UTC on Jan. 12 from an e-mail handle showing to belong to Dorsey.

Cointelegraph reached out to the board members to verify the e-mail’s legitimacy however didn’t instantly obtain a response.

The announcement acknowledged the fund will assist present a authorized protection for Bitcoin builders, who’re “currently the subject of multi-front litigation.”

“Litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support,” the e-mail acknowledged, referencing open-source builders who are sometimes impartial and due to this fact prone to authorized strain.

“We propose a coordinated and formalized response to help defend developers.”

The announcement went on to explain the Bitcoin Legal Defense Fund as a “nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects.”

“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,” it acknowledged.

Initially, the fund will embody volunteers and part-time legal professionals for builders to “take advantage of if they so wish,” though, the e-mail additionally states that “the board of the Fund will be responsible for determining which lawsuits and defendants it will help defend.”

“At this time, the Fund is not seeking to raise additional money for its operations but will do so at the direction of the board if needed for further legal action or to pay for staff.”

According to the e-mail, the fund’s first undertaking will probably be to take over the present protection of Ramona Ang’s “Tulip Trading Lawsuit” towards builders together with Ira Kleiman for alleged misconduct over entry to a BTC fortune.

Related: Nano Foundation Sponsors Legal Fund To Provide BitGrail Hack Victims With Representation

Dorsey, who stepped down as Twitter CEO on the finish of Nov 2021, is a long-time proponent of Bitcoin. It stays unclear whether or not Dorsey left the social media agency to deal with Square’s plans to develop a decentralized Bitcoin alternate.

On Nov. 19, the decentralized alternate undertaking known as tbDEX launched a white paper detailing its plans to create a message protocol designed to facilitate belief relationships with out counting on a federation to regulate entry.