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The board has stressed that the Bitcoin legal defense fund is not looking to raise funds from outside but may introduce funding rounds in the near future.
Jack Dorsey has announced a new Bitcoin legal fund that would be targeted at developers of the asset. This is not the first time that former Twitter CEO Jack Dorsey has been associated with a number of charitable works in the crypto space.
Around November, celebrity dance show Dance-a-Thon received $2 million from Mr. Dorsey. He’s also rumored to have donated about $20 million of Square’s shares to charities. The announcement of a newly proposed non-profit Bitcoin legal defense fund is another addition to his growing list of philanthropic gestures in the space.
To start with, the fund will be providing defense for Bitcoin developers who Tulip Trading Limited is suing over an alleged “breach of fiduciary duty” regarding the theft of crypto from the Mt. Gox hack.
CEO of Tulips Trading, Craig Wright, and his representatives Ontier LLP is currently suing 16 Bitcoin developers related to the problems that led to the eventual end of the defunct Mt. Gox exchange. It should be noted that Mr. Wright has severally laid claim to being Satoshi Nakamoto and in one of his previous law cases won the right to the Bitcoin’s white paper
Speaking on the development via an email addressed to Bitcoin developers this morning, Jack Dorsey stressed that developers are “especially susceptible to legal pressure” and in response to this, he is proposing a “coordinated and formalized response to help defend developers.”
Developers often get disrupted along the line of their jobs by irrelevant and rampant legal suits and threats, according to Jack Dorsey’s email. So, the defense fund will help stop that. It will help appoint defense counsels, devise defense strategies, and pay the bills.
For now, the fund will only take up defenses of developers of Bitcoin-based projects. The email also explains that the fund will be run mainly by volunteers and part-time lawyers with a three-person board in charge of disbursing the funds. The email revealed them to be Alex Morcos, co-founder of Chaincode Labs, Martin White, an academician, and Jack Dorsey himself.
Although the fund isn’t meant for everybody, the board will deliberate and decide on which case, lawsuit, and defendant that need the fund’s backing most. Additionally, the board has stressed that the Bitcoin legal defense fund is not looking to raise funds from outside but may introduce funding rounds in the near future.
Apart from his recent exploits in the space, Dorsey has made several pro-Bitcoin moves in recent times. After stepping down as Twitter’s CEO, his other firm Square has stepped up plans to integrate DeFi into Bitcoin. The firm released the white paper of DEX project named tbDEX.
The material was prepared in cooperation with Cryptorunner.