- 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.
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.
I'm avoiding #Bitcoin @TwitterSpaces today because I don't want to keep raining on everyone's parade!
— Dr. Jeff Ross (Pleb counselor) (@VailshireCap) January 12, 2022
All I see in the charts is a short-term bull trap within a larger bearish macro set-up.
I hope I'm wrong! pic.twitter.com/FaGFEy221G
FXStreet analysts have predicted that the Bitcoin price is ready to retest $47,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?