Last updated on March 25th, 2022 at 01:34 pm
Jack Dorsey, the founder and former CEO of Twitter announced the creation of a Bitcoin Legal Defense Fund. The fund was created with partnership from Martin White, a scholar at the University of Sussex, and Alex Morcos, the co-founder of Chaincode Labs.
An email address believed to belong to the Twitter founder sent an announcement to bitcoin-dev, a Bitcoin developer mailing list at 00:13:45 UTC on January 12. At the moment, Dorsey has not confirmed if the email was from him or not, as at the time of writing this.
According to the announcement, the aim of the Bitcoin Legal Defense Fund, as its name suggests, is to offer legal defense to those bitcoin developers that “are currently the subject of litigation on multiple fronts.”
The email added that it will aid open source developers that had to face legal issues because of their independence:
“Continued litigation and threats are having the desired effect; individual defendants have chosen to capitulate in the absence of legal support.”
The announcement went on to state:
“We are offering a coordinated and formalized response to help defend developers.”
Based on the email, the Bitcoin Legal Defense Fund is a “non-profit entity that aims to minimize the legal headaches that discourage software developers from actively developing Bitcoin and related projects.”
in respect of the purpose of the fund, the email added:
“The primary purpose of this fund is to defend developers against lawsuits relating to their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing a litigation strategy, and paying the legal bills”
The Bitcoin Legal Defense Fund is not sourcing for extra funds, at the moment, according to the announcement.
Jack Dorsey, who is also the founder and CEO of the FinTech firm, Block (formerly known as Square), is a keen advocate of Bitcoin and believes it will become the internet’s native currency. Block has multiple projects under development in the Bitcoin space.
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