Jack Dorsey, the CEO of Block has revealed the launch of a Bitcoin (BTC) legal defense fund which will organize the legal defense of Bitcoin (BTC) developers, starting with the Tulip Trading Lawsuit of Craig Wright.
In the spirit of helping Bitcoin (BTC) developers, Jack Dorsey sent an email to the mailing list in which he laid out the plans for the Bitcoin Legal Defense Fund, a non-profit dedicated to catering to the legal defense of Bitcoin (BTC) developers.
Jack Dorsey in his email posited that the Bitcoin (BTC) ecosystem is now embroiled in a number of legal battles. He then went on to lay out the goals and objectives of the foundation, from which developers will have the option of choosing whether they want their legal fees paid, to seek legal counsel, or to devise their legal strategy.
To begin with, the legal fund will comprise part-time layers and volunteers and the board will decide on which cases will the funds be given to. The board is made up of Jack Dorsey, Alex Morcos-Chaincode Labs co-founder, and Martin White, the University of Essex computer science professor.
The first activity of the Bitcoin Legal Defense Fund will be to give funding for outside counsel in Craig Wright’s Tulip Trading Lawsuit. A London High Court gave the green light to Wright to indict 16 Bitcoin (BTC) developers amid the battle of the funds relating to the Mt. Gox exchange.
The coverage of the Tulip Trading Lawsuit seems a task that is quite manageable based on the resources available to the newly established fund. At the time being, the fund will not raise funds for operations according to Dorsey.
Craig Wright is a divisive character in the Bitcoin (BTC) world, having been involved in a number of legal battles for years now. While Wright actively claimed to be Satoshi Nakamoto, the claim was eagerly disputed by members of the community. Wright lost a lawsuit in December 2021 against the Dave Kleiman estate. Wright had to pay damages worth $100 million.
The Bitcoin Legal Defense Fund will aid Bitcoin (BTC) developers who have mostly given in to threats of legal action because of a lack of means to fight back. The necessity for legal defense funds like Dorsey’s will surely rise as Bitcoin (BTC) and the larger cryptocurrency ecosystem mature.