Jack Dorsey, the Block CEO, announced plans to form Bitcoin legal defense fund, a non-profit organization that would offer Bitcoin developers legal protection. Dorsey suggested this idea by way of an e-mail that he sent to the bitcoin developer's mailing list earlier today.
Through this initiative, the US entrepreneur hopes to help the bitcoin community, which is presently in multi-front litigation.
in the email he sent, dorsey pointed out that,
litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support. open-source developers, who are often independent, are especially susceptible to legal pressure. in response, we propose a coordinated and formalized response to help defend developers.
The email describes the bitcoin legal defence fund as an entity that would help minimize the legal headaches that intimidate developers, prevent them from actively developing bitcoin and related projects like the lightning net and bitcoin privacy protocols.
Specifically, Dorsey noted that the fund would focus on defending developers of suits based on their work in the Bitcoin ecosystem. To ensure the safety of developers, the Fund would have responsibilities such as finding and retaining defence counsel, developing a litigation strategy, and paying legal bills.
A free and volunteer option for developers.
Dorsey added that this is a free, voluntary initiative for Bitcoin developers. According to him, the fund will begin with a voluntary and part-time legal profession. He also pointed out that the board of directors of the fund would be responsible for choosing the prosecutions and defendants that the fund would help defend.
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 email, who was co-signed by chaincode labs co-founder alex morcos and scholar martin white, has specified that the first task of the fund would be to assume the coordination of the commercial process of tulips, which alleges that certain promoters have violated their fiduciary obligations. The fund will also serve as a source of funding for external lawyers.
this news comes after dorsey left twitter at the end of november 2021, relinquishing the ceo position to parag agrawal. Soon afterwards, he led square rebranding to block, guiding the financial payments company down a blockchain path.
the company has since been experimenting with crypto, including a decentralized exchange (dex) for trading bitcoin (btc/usd) among other cryptos.
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