The fund will help provide a criminal defense for Bitcoin developers and will consist of a group of volunteers and part-time lawyers.
Former Twitter CEO and founder Jack Dorsey has announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and Martin White, who appears to be an academic at the University of Sussex.
The announcement was sent on a mailing list for Bitcoin developers, bitcoin-dev, at 00:13:45 UTC on Jan. 12 from an email address appearing to belong to Dorsey.
The announcement noted the fund will help supply a legal defense for Bitcoin developers, who are “currently the situation of multi-front litigation.”
— Zack Voell (@zackvoell) January 12, 2022
“Litigation and persevered threats are having their intended effect; individual defendants have chosen to capitulate in the absence of prison support,” the e-mail stated, referencing open-source developers who are frequently independent and therefore susceptible to legal pressure.
“We recommend a coordinated and formalized response to help defend developers.”
The announcement went on to describe the Bitcoin Legal Defense Fund as a “nonprofit entity that aims to limit legal complications that discourage software program builders from actively growing Bitcoin and related projects.”
“The main cause of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including discovering and retaining defense counsel, developing litigation strategy, and paying legal bills,” it stated.
Initially, the fund will include volunteers and part-time legal professionals for developers to “take advantage of if they so wish,” although, the e mail also states that “the board of the Fund will be accountable for determining which proceedings and defendants it will help defend.”
“At this time, the Fund is not seeking to elevate additional money for its operations however will do so at the direction of the board if needed for in addition prison action or to pay for staff.”
According to the email, the fund’s first task will be to take over the existing protection of Ramona Ang’s “Tulip Trading Lawsuit” in opposition to builders together with Ira Kleiman for alleged misconduct over get admission to to a BTC fortune.
Dorsey, who stepped down as Twitter CEO at the end of Nov 2021, is a long-time proponent of Bitcoin. It stays uncertain whether Dorsey left the social media company to focus on Square’s plans to develop a decentralized Bitcoin exchange.
On Nov. 19, the decentralized exchange project called tbDEX released a white paper detailing its plans to create a message protocol designed to facilitate trust relationships without relying on a federation to control access.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.