By launching a new fund to offer legal defence for BTC developers, Jack Dorsey continues to work on new bitcoin-related projects.
The “Bitcoin Legal Defense Fund,” as he named it, would begin its work by aiding in the Tulip Trading litigation, which is still underway.
Jack Dorsey not relentless in his Bitcoin endeavours
Dorsey defined the new fund as a “nonprofit company that strives to eliminate legal issues that deter software developers from actively developing Bitcoin and related projects like the Lightning Network, Bitcoin privacy protocols, and the like” in an email to BTC developers.
It arises as a result of an increase in “multi-front litigation and persistent threats” in the community, which force individual defendants to yield in the lack of legal representation.
The fund’s principal purpose is to “protect developers from legal action arising from their participation in the Bitcoin ecosystem.” “Finding and retaining defence counsel, creating litigation strategy, and paying legal fees” are all part of this.
It’s worth mentioning that if developers opt to seek help, the Bitcoin Legal Defense Fund will be 100% free and voluntary.
Dorsey, academic Martin White, and Chaincode Labs co-founder Alex Morcos will serve on the board, which will be in charge of selecting the lawsuits and defendants.
The fund has already decided on its first case, in which it will “take over coordination of the existing defence of the Tulip Trading lawsuit against certain developers alleging breach of fiduciary duty and provide funding for outside counsel.”
In the crypto world, the Tulip case is well-known because the self-proclaimed Satoshi Nakamoto – Craig Wright – decided to sue a number of BTC developers over an alleged attack that cost him over $4 billion in BTC. The developers, according to Wright, must intervene and reverse the transaction.