14 Jun Jack Dorsey announces Bitcoin Legal Defense Fund
The crypto community has a new ally in its legal defense against the SEC. Jack Dorsey, CEO of Twitter and Square, announced his company’s intention to help defend people who get involved with Bitcoin following their recent decision to ban cryptocurrency ads on their platform. While this is a step towards legitimizing cryptocurrency as an investment asset class, it remains unclear if other companies will follow suit.
Jack Dorsey, CEO of Twitter and Square, announced the Bitcoin Legal Defense Fund. The fund will be used to help protect bitcoin businesses from legal action by governments and regulators.
In collaboration with Chaincode Labs co-founder Alex Morcos and Martin White, who claims to be a lecturer at the University of Sussex, the former CEO and creator of Twitter Jack Dorsey has announced intentions to establish a “Bitcoin Legal Defense Fund.”
At 00:13:45 UTC on January 12, the news was posted on the bitcoin-dev mailing list for developers by an email account that seemed to belong to Dorsey.
In an effort to verify the authenticity of the email, Cointelegraph contacted the board members but did not immediately hear back.
The fund will aid in providing a legal defense for Bitcoin developers, who are “now the target of multi-front litigation,” according to the release.
a message from @jack describing the Bitcoin Legal Defense Fund image to the mailing list for bitcoin developers. twitter.com/y1XY3XG0IR
— Zack Voell on January 12, 2022 (@zackvoell).
The email made reference to open-source developers, who are often independent and hence vulnerable to legal pressure: “Litigation and continuing threats are having their intended impact; individual defendants have opted to yield in the lack of legal backing.”
“To assist in defending developers, we advise a concerted and organized reaction.”
The Bitcoin Legal Defense Fund is a “nonprofit company that seeks to reduce legal problems that deter software engineers from actively developing Bitcoin and similar projects,” according to the statement.
The statement said, “The primary goal of this Fund is to defend developers against lawsuits relating to their activity in the Bitcoin ecosystem, including locating and hiring defense counsel, planning litigation strategy, and paying legal expenses.”
The email further notes that “the board of the Fund will be responsible for choosing which cases and defendants it will assist fight.” Initially, the fund would contain volunteers and part-time attorneys for developers to “take advantage of if they so want.”
“At this time, the Fund is not looking to raise further funds for its operations but will do so at the instruction of the board if necessary for additional legal action or to pay for employees,” the statement reads.
The fund’s first endeavor will be to assume responsibility for the ongoing defense of Ramona Ang’s “Tulip Trading Lawsuit,” which she filed against developers including Ira Kleiman for alleged malfeasance with access to a BTC wealth.
Related: Nano Foundation Supports Legal Fund to Offer Representation to BitGrail Hack Victims
Dorsey has always supported Bitcoin and left his position as CEO of Twitter at the end of November 2021. Whether Dorsey departed the social media company to concentrate on Square’s aspirations to create a decentralized Bitcoin exchange is still unknown.
tbDEX, a decentralized exchange project, published a white paper on November 19 outlining its aims to develop a messaging protocol intended to promote trust relationships without depending on a federation to regulate access.
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