Jack Dorsey announces Bitcoin Legal Defense Fund

Jack Dorsey, the former CEO of Twitter and founder, has announced plans for a “Bitcoin Legal Defense Fund”, which will be co-founded by Alex Morcos of Chaincode Labs and Martin White. White appears to be an academic from the University of Sussex.

The announcement was sent to a mailing list for Bitcoin Developers, bitcoin-dev on Jan. 12, at 00:13.45 UTC from an email address that appears to belong to Dorsey.

Cointelegraph reached out the board members to confirm legitimacy of the email, but did not receive an immediate response.

According to the announcement, the fund will provide legal defense for Bitcoin developers who are currently the subject of multi-front litigation.

an email to the bitcoin dev mailing list from @jack explaining the Bitcoin Legal Defense Fund pic.twitter.com/y1XY3XG0IR
— Zack Voell (@zackvoell), January 12, 2022

“Litigation is having its intended effect; individual defendants chose to capitulate in a lack of legal support,” the email stated. This was referring to open-source developers, who are often independent and thus vulnerable to legal pressure.

“We propose a coordinated, formalized response to defend developers.”

In the announcement, the Bitcoin Legal Defense Fund was described as “a non-profit entity that aims at minimizing legal headaches that discourage software development of Bitcoin and related projects.”

It stated that the Fund’s main purpose is to protect developers against lawsuits arising from their activities within the Bitcoin ecosystem. This includes finding and retaining defense counsel, creating litigation strategy and paying legal bills.

Initially, the fund will consist of volunteers and part time lawyers for developers to “take benefit of if they wish.” However, the email states that the Fund’s board will decide which lawsuits and defendants the Fund will assist with.

“At the moment, the Fund does not seek to raise additional funds for its operations. However, it will follow the direction of board members if necessary for further legal action or to hire staff.

According to the email, Ramona Ang’s Tulip Trading Lawsuit against developers includes Ira Kleiman is the fund’s first project. It seeks to assume control of the defense of Ramona Ang.

Similar: Nano Foundation Provides BitGrail Hack Victims With Legal Representation

Dorsey was a long-standing advocate of Bitcoin and resigned as Twitter CEO in November 2021. It is not clear if Dorsey resigned as CEO of Twitter to concentrate on Square’s plans for a decentralized Bitcoin exchange.

The decentralized exchange project tbDEX published a whitepaper on Nov. 19 that detailed its plans to create an information protocol to facilitate trust relationships and not rely on a federation for access control.

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