Bobos & Wojaks

Get rich or die tryin

Jack Dorsey Establishes A Fund To Assist Bitcoin Developers In Legal Battles

Former Twitter CEO Jack Dorsey created a fund to assist Bitcoin developers. Paying legal fees, planning trial strategy, and locating and retaining a lawyer are all examples of assistance.

In reaction to recent legal issues experienced by Bitcoin developers, former Twitter CEO Jack Dorsey created a fund to assist them in facing legal challenges with confidence. Alex Morcos, the co-founder of Chaincode Labs, manages the Bitcoin Legal Defense Fund. Martin White, professor of computer science at the University of Sussex, will also oversee the project.

The Bitcoin community is currently embroiled in a multi-pronged legal battle. Individual defendants have opted to capitulate in the absence of legal support, so litigation and repeated threats are having the desired effect. Open-source developers, who are frequently self-employed, are particularly vulnerable to legal pressure. In response, we propose a concerted and codified reaction to assist developers in defending themselves. The Bitcoin Legal Defense Fund is a non-profit organisation that strives to reduce legal stumbling blocks that prevent software engineers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin privacy protocols, and so on.

The primary goal of this Fund is to defend developers in lawsuits arising from their activity in the Bitcoin ecosystem, which includes locating and retaining defence counsel, planning litigation strategy, and paying legal fees. This is a free and voluntary option for developers to use if they so like. The Fund will begin with a group of part-time and volunteer lawyers. The Fund’s board of directors will be in charge of deciding which lawsuits and defendants it would assist in defending.

“The Fund’s first activities will be to take over coordination of the existing defence of the Tulip Trading lawsuit against certain developers alleging breach of fiduciary duty and provide the source of funding for outside counsel. At this time, the Fund is not seeking to raise additional money for its operations but will do so at the direction of the board if needed for further legal action or to pay for staff.”

Recently, software developers have been put off developing bitcoin. This is because of legal challenges. Work on technologies like Bitcoin and the Lightning network has stalled. To address some of these issues, the Bitcoin Legal Defense Fund was established as a non-profit organisation. For the time being, Bitcoin developers will be aided by volunteer and part-time lawyers. According to the email, the fund would not automatically cover all legal issues that developers confront.

jackdorsey-bitcoin-twitter

According to the report, the fund’s management would decide which lawsuits and defendants to support. Additionally, the board of directors will be in charge of obtaining additional cash for this operation.

Ontier LLP, Craig Wright’s Tulip Trading Limited (TTLlaw )’s firm, recently got permission to sue 16 bitcoin-related developers for funds from the bankrupt Mt.Gox exchange. Wright claimed to have stolen billions of dollars, according to the report. He anticipates that developers will assist him in recouping the monies.

Wright’s lawyers stated, “The fact that someone stole Tulip Trading’s digitally stored, encrypted private bitcoin keys does not stop developers from implementing the code that will allow the rightful owner to regain control of their Bitcoins.”