17 August 2022
Jack Dorsey, the former Twitter CEO, and founder has announced plans for a new initiative to support BTC developments.
Dorsey is launching a new fund to provide JAcjlegal defense for Bitcoin developers. The fund is called the “Bitcoin Legal Defense Fund.” This fund will help in the ongoing Tulip Trading lawsuit.
Dorsey sent an email to Bitcoin developers where he described the new fund as a “nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin privacy protocols, and the like.”
The Bitcoin community has seen a growing number of “multi-front litigation and continued threats,” that led to individual defendants surrendering in the absence of legal support.
The fund aims to “defend developers from lawsuits regarding their activities in the Bitcoin ecosystem.” It will include “finding and retaining defense counsel, developing litigation strategy, and paying legal bills.”
It must be noted that the Bitcoin Legal Defense Fund is completely free and voluntary for developers if they need assistance.
The board will be comprised of Dorsey, academic Martin White, and Chaincode Labs co-founder Alex Morcos. The board members will be responsible for choosing the lawsuits and defendants it works with.
Currently, the fund has chosen its first case and will “take over coordination of the existing defense of the Tulip Trading lawsuit against certain developers alleging breach of fiduciary duty and provide the source of funding for outside counsel.”
The Tulip case involves self-proclaimed Satoshi Nakamoto – Craig Wright, suing numerous Bitcoin developers over allegations that resulted in him losing over $4 billion worth of BTC.