Jack Dorsey announces the Bitcoin Legal Defense Fund

Former Twitter CEO and founder Jack Dorsey has announced plans to establish the Bitcoin Legal Defense Fund (or the Bitcoin Legal Defense Fund). with Chaincode Labs co-founders Alex Morcos and Martin White who appears to be an academic from the University of Sussex.

The announcement was posted on a mailing list for bitcoin developers, bitcoin-devat 12:13:45 UTC on Jan. 12 from an email address that appears to be Dorsey.

Cointelegraph contacted members of the Board of Directors to confirm the legitimacy of the email. but did not get an immediate answer.

Jack Dorsey announces the Bitcoin Legal Defense Fund
Jack Dorsey announces the Bitcoin Legal Defense Fund

The announcement alleged that the fund will help provide legal defense to Bitcoin developers.who are “currently the subject of litigation on multiple fronts”.

An email to @jack’s Bitcoin Dev mailing list explaining the Bitcoin Legal Defense Fund

The litigation and ongoing threats are having their intended effects; individual defendants have decided to surrender due to a lack of legal support“The email referred to open source developers who are often independent and therefore vulnerable to legal pressure.

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

The ad described the Bitcoin Legal Defense Fund as a “non-profit entity aiming to minimize legal headaches that keep software developers from actively developing Bitcoin and related projects”.

The main objective of this fund is to protect developers from lawsuits related to their activities in the Bitcoin ecosystemincluding finding and hiring defense attorneys, developing litigation strategy and paying legal fees, “it said.

Initially, the fund will include volunteers and part-time attorneys that developers “can call upon if they choose”., but the email also states that “The board of directors of the fund is responsible for determining which claims and defendants to assist in the defense“.

“Currently the Fund is not attempting to raise additional money for its operations, but will do so on the direction of the Board of Directors should it be necessary for further legal action or to pay staff.”

According to email, The fund’s first project will be to take on Ramona Ang’s current defense for the Tulip Trade lawsuit against the developers for alleged misconduct regarding access to a fortune in BTC.

Dorsey, who stepped down as Twitter CEO in late November 2021, is a longtime Bitcoin advocate.. It’s still unclear whether Dorsey left the social media company to focus on Square’s plans to develop a decentralized bitcoin exchange.

On November 19th The decentralized exchange project called tbDEX has published a whitepaper outlining its plans to create a message log to facilitate trust relationships without relying on a federation for access control.

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