Jack Dorsey Leads the Charge to Launch a Bitcoin Defense Fund: Who is it For? By DailyCoin
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Jack Dorsey Leads the Charge to Launch a Bitcoin Defense Fund: Who is it For?Former Twitter (NYSE:) boss and strong supporter of , Jack Dorsey, Alex Morcos of Chaincode Labs, Martin White, an academic at the University of Sussex, have announced a “Bitcoin Legal Defense Fund.”
In an email announcement sent to Bitcoin developers on January 12, Dorsey explained that the initiative is for Bitcoin developers who are “especially susceptible to legal pressure.”
He explains that it is a free and voluntary option for developers who wish to take advantage of the initiative. An excerpt from the proposal reads;
“The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills.”
The Fund will start with Bitcoin developers being charged by Tulip Trading Limited over an alleged “breach of fiduciary duty.” According to Dorsey, the Fund will coordinate the existing defense of the Tulip Trading lawsuit.
The Bitcoin Legal Defense Fund Board
The Fund is a non-profit entity, and Dorsey, Morcos, and White form the Bitcoin Legal Defense Fund Board. The board will help defend developers against legal disputes and provide funding for outside counsel.
In addition, the board will be responsible for determining which lawsuits and defendants it will help defend. Now in its early stages, the Fund will employ the services of volunteer and part-time lawyers.
On the Flipside
- Regardless of its advancement over the years, Bitcoin continues to face criticism regarding its energy usage.
Why You Should Care
The Fund looks to allow developers with legal disputes to continue their work in the open-source Bitcoin community.
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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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Jack Dorsey Leads the Charge to Launch a Bitcoin Defense Fund: Who is it For?Former Twitter (NYSE:) boss and strong supporter of , Jack Dorsey, Alex Morcos of Chaincode Labs, Martin White, an academic at the University of Sussex, have announced a “Bitcoin Legal Defense Fund.”
In an email announcement sent to Bitcoin developers on January 12, Dorsey explained that the initiative is for Bitcoin developers who are “especially susceptible to legal pressure.”
He explains that it is a free and voluntary option for developers who wish to take advantage of the initiative. An excerpt from the proposal reads;
“The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills.”
The Fund will start with Bitcoin developers being charged by Tulip Trading Limited over an alleged “breach of fiduciary duty.” According to Dorsey, the Fund will coordinate the existing defense of the Tulip Trading lawsuit.
The Bitcoin Legal Defense Fund Board
The Fund is a non-profit entity, and Dorsey, Morcos, and White form the Bitcoin Legal Defense Fund Board. The board will help defend developers against legal disputes and provide funding for outside counsel.
In addition, the board will be responsible for determining which lawsuits and defendants it will help defend. Now in its early stages, the Fund will employ the services of volunteer and part-time lawyers.
On the Flipside
- Regardless of its advancement over the years, Bitcoin continues to face criticism regarding its energy usage.
Why You Should Care
The Fund looks to allow developers with legal disputes to continue their work in the open-source Bitcoin community.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7]
You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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