Jack Dorsey recommends legal protection funds for Bitcoin developers

Jack Dorsey recommends legal protection funds for Bitcoin developers

There is a lot of legal pressure on the Bitcoin ecosystem, and former Twitter chief Jack Dorsey believes it can help stop them. Coindesk reports Dorsey, Chaincode's Alex Morcos and academic Martin White have proposed a non - profit legal protection fund for Bitcoin developers to protect them against litigation and similar "legal pressure". The board of the fund (currently Dorsey, Morcos and White) would select cases for support, with part-time and volunteer lawyers providing the first free defensive advice.

The fund will initially take over coordination for defense against the Tulip Trade lawsuit targeting developers in relation to alleged breaches of fiduciary duty related to the Bitcoin exchange Mt. Gox who has long since died. Dorsey did not say how much money the fund needed to start, but noted that he was not looking for extra money "at this time."

Dorsey has direct incentives to set up a legal defense fund, of course. His company Block is heavily involved in Bitcoin, other cryptocurrencies and the blockchain, and the number of lawsuits could damage his business as much as anyone else's. However, Dorsey noted that many Bitcoin developers are independents who have little choice but to ignore it when they are facing a lawsuit they do not have the resources to fight. The nonprofit could be crucial if it strengthens the Bitcoin community as a whole, whether or not Dorsey benefits directly from its actions.

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