Jack Dorsey Tables a Proposal of a Non-Profit Bitcoin Legal Defense Fund

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Bitcoin
Jack Dorsey Tables a Proposal of a Non-Profit Bitcoin Legal Defense Fund

Earlier today, former Twitter CEO Jack Dorsey addressed an email to the Bitcoin dev mail list to propose a legal defense fund for BTC developers. He explained that this fund would aid the developers in achieving their goals towards the development of BTC.

Dorsey Proposes a Legal Defense Fund for Bitcoin Developers

Through an email addressed to BTC developers, Jack Dorsey proposed the formation of a legal defense fund to protect BTC developers from legal attacks. In the mail, he explained that Developers face a hard time dealing with multiple litigation threats, and some cannot afford good legal teams.

The email also bore signatures from Chain Code Labs co-founder Alex Morcos and Academic Martin White. Some people also forwarded the email through Twitter which sparked mixed reactions.

Jack believes that the fund is a necessary relief to BTC developers. He believes that it will help solve their issues like affording legal counsels and functional legal strategies.

Additionally, Jack pointed out that the fund won’t raise any public capital during its launch. However, he noted that if its board believes that public funding could work, it may incorporate the idea in the future.

The BTC Developer’s Legal Defense Fund

The developers’ legal defense fund is expected to tackle the MT GOX case as its first assignment. According to Jack’s proposal, the fund would help coordinate the defense against Wright’s Tulip Trading Lawsuit. The lawsuit by Tulip is against several BTC developers regarding the loss of funds at MT GOX.

Ontier LLP, the law firm representing Tulip Trading, was given the green light by a London court to serve papers on 16 BTC developers that it believes are connected to the MT GOX hack. Concurrently, Craig Wright is also having another legal battle with organizations that illegally hosted the BTC white paper. He claims that these organizations breached copyright rules.

According to Dorsey, the proposed fund will be completely free and voluntary for developers. The fund will also function with non-profit and part-time lawyers. Additionally, its governing board will have all rights to pick the best cases to help with.

The MT GOX hack resulted in the loss of about 800k BTC coins. The authorities have been tracing the coins ever since and even reclaimed some. However, many of these coins are still missing.

Last month, Craig Wright won a court battle that proclaimed him the sole owner of BTC whitepaper rights. This makes his involvement in the MT GOX case worth watching for the attack victims.

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.