Former Twitter CEO Jack Dorsey recently informed Bitcoin developers via a mailing list that he is collaborating with Chaincode Labs co-founder Alex Morcos and Martin White, a University of Sussex academic, to establish a legal defense fund dedicated solely to the protection of Bitcoin developers.
According to the email, the fund would assist in the creation of a legal defense network for Bitcoin developers, which will be made up of volunteers and part-time lawyers. The Fund’s principal objective is to defend developers from lawsuits arising from their activity in the Bitcoin ecosystem, including locating and retaining defense counsel, creating litigation strategy, and paying legal fees.
Legal concerns have disheartened software developers in recent years, stopping them from working on projects like the Bitcoin privacy protocols and the lightning network. To address some of these issues, the Bitcoin Legal Defense Fund was established as a non-profit organization. For the time being, Bitcoin developers will be aided by part-time and volunteer lawyers. According to the email, the fund would not automatically cover all legal costs incurred by developers.
According to the statement, the fund’s board of directors will decide which lawsuits to support and which defendants to help. Additionally, the board will be in charge of obtaining additional funding for this operation.
The company’s initial project phase, according to the statement, is to take over the coordination of the ongoing defense of the famed Tulip Trading Lawsuit, which is currently being brought against certain developers for breach of fiduciary duty. The fund also offers to provide resources for outside counsel, despite the fact that it has said that it is not actively seeking further cash.
As members of the Bitcoin Legal Defense Fund’s board of directors, Jack Dorsey, Alex Morcos, and Martin White signed the email announcement. The fund is one of many initiatives spearheaded by Dorsey to extend and accelerate Bitcoin adoption.