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Who is it For? -Breaking

by Mike Robinson

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Jack Dorsey Takes Charge of Creating a Bitcoin Defense Fund. Who Is It For?

Former Twitter (NYSE:) boss and strong supporter of , Jack Dorsey, Alex Morcos of Chaincode Labs, Martin White, an academic at the University of Sussex, have announced a “Bitcoin Legal Defense Fund.”

In an email announcement sent to Bitcoin developers on January 12, Dorsey explained that the initiative is for Bitcoin developers who are “especially susceptible to legal pressure.”

It is an option that developers can choose to use, and it’s free. The proposal includes the following excerpt:

“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.”

The Fund will start with Bitcoin developers being charged by Tulip Trading Limited over an alleged “breach of fiduciary duty.” According to Dorsey, the Fund will coordinate the existing defense of the Tulip Trading lawsuit.

Board of the Bitcoin Legal Defense Fund

The Fund is non-profit, and Dorsey Morcos and White are the fund’s representatives. Bitcoin Legal Defense Fund Board. This board is there to help developers avoid legal disputes, and also provide financial support for counsel outside of the company.

Additionally, it will decide which cases and defendants the Board will assist with. In its early days, the Fund will use the services of part-time or volunteer lawyers.

The Flipside

  • Bitcoin is still being criticized despite its growth over time. energy usage.

Why you should care

This Fund aims to help developers who are in legal dispute to keep working with the open-source Bitcoin community.

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