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Jack Proposes Funding To Solve Bitcoin Developers Legal Problems


Jack Dorsey proposes setting up a fund to reduce legal headaches?  By Bitcoin Developers

Jack Dorsey proposed a fund to reduce the legal complexity of Bitcoin developers

Twitter co-founder Jack Dorsey, a crypto advocate, has proposed the creation of a non-profit legal defense fund for Bitcoin developers. The Bitcoin Legal Defense Fund will support the world’s first cryptocurrency developers against lawsuits, which are becoming more common as the ecosystem grows. Dorsey passed on the information in an email to the developers mailing team. The Foundation will provide free legal aid and will rely primarily on volunteer and part-time attorneys. Council members, including Dorsey, will evaluate cases and decide who gets support from the team.

Along with Dorsey, the Bitcoin Legal Defense Fund Management Board includes Chaincode co-founder Alex Morcos and scholar Martin White. All three signed email was sent to Bitcoin developers on Wednesday.

An email sent to “Bitcoin Developers” states that “Bitcoin Legal Defense Fund is a non-profit organization that aims to reduce legal problems that discourage software developers from actively developing Bitcoin and related projects like Lightning Network, Bitcoin security protocol and the like.”

The “first operations of the fund” will be coordinating ongoing defense in the Tulip Trading lawsuit against several developers for breach of fiduciary duty, as well as providing financing for outside attorneys. outside. The Foundation is not currently raising additional funds for its operations but will do so at the direction of its board if further legal or personnel action is required.

The establishment of the fund is a result of the heat on the Bitcoin community, which is facing numerous lawsuits. As a result of these threats and litigation, defendants have sometimes had to surrender without the aid of the law. Open source developers, who are often self-employed, are especially vulnerable to regulatory pressure. Therefore, we recommend a coordinated and systematized response to assist developers in protecting themselves.

Dorsey is the creator of the payments company Block, formerly known as Square. In November 2021, resign from Twitter to pursue Block. In its corporate coffers, the company has over $350 million in Bitcoins.

Dorsey has repeatedly expressed his support for Bitcoin and expressed immense optimism about the future of cryptocurrency. He stated at Bitcoin Conference 2021 that he does not believe there is anything more important to do in his life than Bitcoin.

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