- The fund will cover the costs of independent legal advice, if necessary.
- To begin, the fund will be run entirely by volunteers and part-time attorneys.
Former Twitter CEO Jack Dorsey is assisting in developing a new fund that will aid in defence of Bitcoin developers in the event of legal action. His first order of business will be to assist the Bitcoin developers who Craig Wright’s Tulip Trading Limited is suing for allegedly violating a “breach of fiduciary duty.” The fund will cover the costs of independent legal advice, if necessary. Dorsey termed the open-source community as “especially susceptible to legal pressure.”
Read More: Bitcoin Price Prediction
Dorsey said:
“In response, we propose a coordinated and formalized response to help defend developers.”
Free of Cost to Bitcoin Developers
Dorsey went on to say that the Bitcoin Legal Defense Fund, which would be a non-profit organization, will strive to aid developers in the event of a legal conflict that may prevent them from continuing their work.
It will do this by assisting in the appointment of defence lawyers, developing a defence strategy, and covering legal expenses. Dorsey made mention of the Lightning Network. According to Dorsey, the new service would be provided for free to creators of Bitcoin-based projects.
To begin, the fund will be run entirely by volunteers and part-time attorneys, with a board of directors in charge of distributing the fund’s resources. According to the email, the board comprises Dorsey, Chaincode Labs co-founder Alex Morcos, and professor Martin White, among other people as per the email.
