Block CEO and former Twitter CEO Jack Dorsey has proposed creating a legal defense fund to help Bitcoin developers deal with growing legal disputes. The services known as the Bitcoin Legal Defense Fund would be free for developers if they so choose. Initially, volunteers and part-time lawyers would assist with the cases, and the Fund’s board would be responsible for determining which cases and defendants to assist. Dorsey outlined the fundamentals of the proposal in an email to the Bitcoin dev mailing list.
In the email, Dorsey said litigation and ongoing threats against the community are having their intended effects as several individual defendants have chosen to surrender without legal assistance.
The Bitcoin Legal Defense Fund would essentially serve as a not-for-profit establishment designed to help developers minimize legal issues. In particular, the fund would help find and hire defense lawyers, develop legal strategies, and pay legal fees. In fact, the fund will also include a team of volunteer and part-time attorneys who are readily available to legal advice developers.
Aside from Dorsey, the email was signed by Chaincode Labs co-founder Alex Morcos and academic Martin White, both on the fund’s former Twitter chief executive.
The Bitcoin Legal Defense Fund’s first step is to back 16 developers who are being sued by Craig Wright, an Australian computer scientist who claims to be the creator of Bitcoin. Wright won a court hearing in December 2021 to keep a cache of 1.1 million bitcoins worth approximately $ 54 billion (approximately Rs.399.238 billion).
In the new case known as the “Tulip Trading” lawsuit, Wright claims that his Bitcoin wallet keys were stolen from him in the Mt. Gox hack last year and that the developers be forced to give him control over. return the wallet – another case that involves billions of dollars.
Dorsey, who has been more focused on crypto since stepping down as Twitter CEO, to focus on his digital finance firm Block, renamed from Square. Recently, two NBA stars agreed to cash out their salaries in Bitcoin through their Cash app, the latest in Dorsey’s efforts to increase Bitcoin adoption.
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