Jack Dorsey Announces Bitcoin Legal Defense Fund

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Former Twitter CEO and founder Jack Dorsey has announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founders Alex Morcos and Martin White, who appear to be Academic at the University of Sussex.

This announcement Sent to the bitcoin developers’ mailing list, bitcoin-dev, on Jan 12 at 00:13:45 UTC from an email address that appears to belong to Dorsey.

Cointelegraph reached out to board members to confirm the legitimacy of the email, but did not receive an immediate response.

The fund will help provide legal defense for bitcoin developers, who are “currently the subject of a multi-faceted lawsuit,” the announcement said.

“The lawsuits and ongoing threats are having the desired effect; individual defendants choose to surrender without legal backing.

“We have come up with a coordinated and formal response to help protect developers.”

The announcement goes on to describe the Bitcoin Legal Defense Fund as a “non-profit entity designed to minimize the legal issues that prevent software developers from actively developing Bitcoin and related projects.”

“The primary purpose of the fund is to protect developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense attorneys, developing litigation strategies and paying legal fees,” it said.

Initially, the fund will include volunteers and part-time lawyers for developers to “take advantage of if they wish,” although the email also states that “the fund’s board will be responsible for determining which lawsuits and defendants it will help defend.”

“At this time, the fund is not seeking to raise additional funding for its operations, but if further legal action or staff pay is required, it will be directed to do so by the board.”

According to the email, the fund’s first project will be a takeover Existing defence of Ramona Ang The “Tulip Trading Lawsuit” targets developers including Ira Kleiman for alleged misconduct in acquiring BTC wealth.

related: Nano Foundation Sponsors Legal Fund to Represent BitGrail Hack Victims

Dorsey, who will step down as Twitter CEO By the end of November 2021, a long time Bitcoin proponentsIt’s unclear if Dorsey left the social media company to focus on Square’s plans to develop a decentralized bitcoin exchange.

On November 19, the decentralized exchange project tbDEX published a white paper Details its plans to create a messaging protocol designed to facilitate trust relationships without relying on federation to control access.