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Jack Dorsey announces Bitcoin legal defense fund to protect developers from attacks

  • The CEO of a Fortune 500 company, Dorsey, has announced that he is starting a fund to protect Bitcoin from legal attacks. 
  • The fund's first activity would be to coordinate the defense for the Tulip Trading lawsuit against developers alleging the breach of fiduciary duty. 
  • Bitcoin legal defense fund is currently not seeking to raise additional money for its operation; it could do so at the board's direction if needed. 
Jack Dorsey announces Bitcoin legal defense fund to protect developers from attacks
Ekta MouryaEkta MouryaFXStreet

The former Twitter CEO Jack Dorsey is now spearheading the launch of a fund that would defend Bitcoin developers from legal attacks. Bitcoin developers are being sued by Craig Wright's Tulip Trading Limited, the first activity that the fund would tackle. 

Jack Dorsey spearheads fund to defend Bitcoin developers

Earlier today, former Twitter boss Jack Dorsey sent an email to Bitcoin developers, revealing a fund to defend the community from legal attacks. Dorsey believes that the open-source Bitcoin developer community is susceptible to legal pressure. 

The American technology entrepreneur is keen on coordinating open-source developers and filing formalized responses to defend them from legal attacks. 

The email reads:

The main purpose of the 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 Bitcoin legal defense fund will foot the bill to defend developers against litigation revolving around BTC-based projects. Part-time lawyers and volunteers would staff the fund in the beginning. 

Jack Dorsey, alongside Alex Morcos, the co-founder of Chaincode Labs and Martin White, academician, are the members of the fund's board. 

Dr.Jeff Ross, CEO of Vailshire Capital, believes that Bitcoin charts reveal a short-term bull trap within a large bearish macro set-up. 

FXStreet analysts have predicted that the Bitcoin price is ready to retest $47,000.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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