Jack Dorsey Announces Bitcoin Legal Defense Fund Plan

Former Twitter CEO and co-founder Jack Dorsey has announced plans to create "Bitcoin" with Chaincode Labs co-founders Alex Morcos and Martin White (also known as University of Sussex).

The report was sent to the Bitcoin Developers bitcoin-dev mailing list on January 12 at 12:13:45 UTC via an email address that appears to be affiliated with Dorsey.

The Cointelegraph contacted the verification board via email, but did not receive an immediate response.

According to the report, the cash will help provide legal protection to Bitcoin developers who are “currently facing various lawsuits.”

Jack's email to the Bitcoin Developers mailing list describes the Bitcoin Legal Defense Fund.

- Jack Voell (@zackvoell) January 12, 2022

Most of the emails are sent to open source developers who are independent and have legal implications, saying, “The regular prosecutions and threats have been very effective. The defendants choose to strike without legal assistance.

"We have a collaborative response to help protect manufacturers."

The statement also described the Bitcoin Legal Defense Fund as "a non-profit organization designed to alleviate legal issues that prevent software developers from actively developing Bitcoin and other businesses."

"The primary objective of the fund is to protect developers from litigation interfering with their operations in the Bitcoin ecosystem, including finding and hiring attorneys, developing litigation strategies and paying legal fees. ", says the press release.

Initially, the funds will include volunteers and part-time attorneys who are "available to developers if they need them," but "council capital oversees the lead in determining which lawsuits and defendants will be defended." ".

“The Treasury is not currently seeking additional funding for its work, but will do so at the discretion of the Board if additional legislation is required or to pay staff costs. "

According to the email, the first investment would be to defend Ramona Ang in a "tulip lawsuit" against industrialists, including Ira Kleiman, accused of violating the process of obtaining Bitcoin returns.

Dorsey, a longtime Bitcoin supporter, resigned as CEO of Twitter at the end of November 2021. It is not known if Dorsey let the company's media focus on Square's plans to expand the Forex exchange. .

On November 19, a brokerage firm called tbDEX published a free article outlining plans to develop a data protocol designed to promote trust in social media without depending on access control.