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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Jack Dorsey Launches Bitcoin Defense Fund To Aid Devs Facing Litigation

Best Owie
Best Owie
1 year ago
3 mins read
Jack Dorsey

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Jack Dorsey has announced the launch of a bitcoin defense fund that is aimed at bitcoin developers who are facing litigation. The space, although still new, has had its fair share of litigation as various devs have had to battle it out in the courts over their products. This fund will help to fund provide legal defense for these developers who otherwise would have folded due to lack of funds.

Backing Up Bitcoin Developers

In an email sent out to the bitcoin developers’ mailing list, Twitter ex-CEO Jack Dorsey announces the establishment of the Bitcoin Defense Fund. The fund was a response to the various litigations bitcoin developers were being subjected to due to their work involving bitcoin and its products. A lot of these are open-source developers, who are unable to afford proper legal defense when faced with these litigations.

Related Reading | Bitcoin Discount? Peter Brandt On Why You Shouldn’t Buy The Dip

The email which was posted to Twitter by Zack Voell explains that the primary mission of the fund was to help defend these developers from lawsuits. It will provide services like helping developers find and retain defense counsel, as well as developing litigation strategies and assisting in paying legal fees. The non-profit entity will be accessible to developers if they wish to take advantage of it.

Bitcoin price chart from TradingView.com

BTC recovers to $43K | Source: BTCUSD on TradingView.com

As for the projects that get funded, the board of the Fund will be responsible for making the decisions. It’s staffed with a corps of volunteer and part-time lawyers who will work to protect bitcoin devs from lawsuits.

Funding The First Projects

In the email, Dorsey notes that the Fund had already chosen the first project to take on. The Tulip Trading lawsuit had been brought against a number of developers, claiming a breach of fiduciary duty on the part of the devs. The Bitcoin Defense Fund will provide funding for the outside counsel for the developers named in the lawsuit to aid in their legal defense.

Related Reading | ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction

This Fund comes at a critical point where more devs are finding themselves in the middle of lawsuits due to their work in the bitcoin space. These devs are often backed into a corner as they are unable to provide adequate legal defense for themselves due to limited resources. The Bitcoin Defense Fund will change this.

“The Bitcoin community is currently the subject of multi-front litigation,” the email read. “Litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support.”

This Bitcoin Defense Fund is another in a long line of activities that have proven Dorsey’s support for bitcoin and its development. In December, he announced the Bitcoin Trust Fund (BTrust), to accelerate bitcoin development in Africa and India.

Featured image from CryptoPotato, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

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