Jack Dorsey wants to create legal defense fund for Bitcoin developers

In letter : Block CEO Jack Dorsey has proposed setting up a legal defense fund that would help Bitcoin developers cope with growing litigation. The fund’s services would be free for developers if they choose to do so. Initially, part-time volunteers and lawyers would help with the cases, and the fund’s board would be responsible for determining which cases and defendants to help.

Dorsey described the basics of the proposal in an email to the Bitcoin-dev mailing list. In it, he said litigation and continued threats to the community are having the intended effect, as some defendants have chosen to surrender in the absence of legal support.

the Bitcoin Legal Defense Fund would be a non-profit entity tasked with helping developers minimize legal headaches. Specifically, the fund would help find and retain a defense lawyer, develop legal strategies and pay legal fees.

Dorsey, in addition to Alex Morcos and Martin White, would be the first members of the board.

Dorsey undoubtedly has a vested interest in Bitcoin. At the end of 2020, he used $ 50 million of Square’s money to buy 4,709 Bitcoins. Looking back, this move was seen by some as the starting point for the latest crypto rally. At Bitcoin’s current value of $ 43,860.26, this investment is now worth over $ 206 million.

The following summer, Square (now Block) said it was building a hardware wallet for the cryptocurrency. A few months later, Dorsey stepped down as CEO of Twitter, no doubt freeing up some more time in her busy schedule.

Image credit: Tingey Personal Injury Law Firm


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