Jack Dorsey, the former CEO and founder of Block, announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs founders Alex Morkus and Martin White, who appear to be scientists at the University of Sussex.
The announcement was posted to the bitcoin developer email list, bitcoin-dev, at 1:45 pm UTC on Wednesday from an email address that appears to be Dorsey’s.
Cointelegraph contacted board members to confirm the legitimacy of the email, but did not receive an immediate response.
The announcement said the fund would help provide legal protection to bitcoin developers, which “is currently the subject of multiple lawsuits.”
Constant conflicts and threats have the expected effect; Individual defendants chose to surrender in the absence of legal support, ”the email said, referring to open source developers who are often independent and therefore vulnerable to legal pressure.
“We offer a coordinated and formal response to help support developers.”
The announcement continued, describing the Bitcoin Legal Defense Fund as “a non-profit organization that seeks to reduce legal issues that prevent software developers from actively developing Bitcoin and related projects.”
“The main goal of this fund is to protect developers from lawsuits related to their activities in the Bitcoin ecosystem, including finding and hiring lawyers, developing a legal strategy and paying legal bills,” the statement said.
Initially, the foundation will include volunteers and part-time lawyers so that developers can “take advantage of them if they want to,” although the email also states that “the foundation’s board of directors will be responsible for identifying the lawsuits and defendants they will help. protect.”
“The fund does not currently seek to raise additional funds for its activities, but will do so at the direction of the Board of Directors if further legal action or compensation is required to employees.”
According to the email, the fund’s first project will be the ongoing defense of the Tulip Trading lawsuit that Ramona Ang has filed against developers for alleged bitcoin wealth (BTC) access fraud.
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Dorsey, who stepped down as head of Twitter in late November 2021, has been a longtime staunch supporter of Bitcoin. It remains unclear if Dorsey left the social media company to focus on Block (formerly Square) plans to develop a decentralized bitcoin exchange.
On November 19, a decentralized exchange project called tbDEX released a white paper outlining plans for a messaging protocol designed to provide trust without federation for access control.