Jack Dorsey, the former Twitter CEO and founder, has unveiled plans to launch a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and University of Sussex academic Martin White.
Jack Dorsey will launch Bitcoin Legal Defense Fund
According to @zackvoell from Twitter, “an email to the bitcoin dev mailing list ” from Dorsey is explaining the Bitcoin Legal Defense Fund plans.
— Zack Voell (@zackvoell) January 12, 2022
The fund will assist Bitcoin developers in obtaining a legal defense, according to the announcement:
“Litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support. We propose a coordinated and formalized response to help defend developers,” the email says.
The Bitcoin Legal Defense Fund is described 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.”
The outgoing Twitter CEO who left at the end of November 2021, has long been a supporter of Bitcoin. It’s uncertain whether Dorsey resigned from Twitter to focus on Square’s efforts to create a decentralized Bitcoin exchange.
“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.”
The fund’s first project will be to defend Ramona Ang’s “Tulip Trading Lawsuit” against developers, who are accused of misbehavior in acquiring access to a BTC fortune, according to the email.