Jack Dorsey Launches Bitcoin Defense Fund To Aid Devs Facing Litigation

Jack Dorsey announced that a new bitcoin defense fund was launched. It is targeted at developers of bitcoin who face litigation. The bitcoin space has been subject to litigation even though it is relatively young. Various developers have faced legal battles over the products they make. These developers would otherwise have had to close their doors due to insufficient funds. This fund is designed to provide financial defense.

Bitcoin developers supported

An email sent out to the bitcoin developers’ mailing list, Twitter ex-CEO Jack Dorsey announces the establishment of the Bitcoin Defense Fund. It was established to address the many lawsuits facing bitcoin developers due to their work with its products. These are often open-source programmers who can’t afford to pay for legal counsel when facing these lawsuits.

You might also like: What is Bitcoin Discount?| Bitcoin Discount? Peter Brandt On Why You Shouldn’t Buy The Dip

Zack Voell posted the email to Twitter, explaining that the fund’s primary purpose was to protect developers against lawsuits. The fund will offer services such as helping developers to find and retain legal counsel and developing litigation strategies. It also assists in the payment of legal fees. If developers wish to benefit from it, the entity is non-profit.

Bitcoin price chart from TradingView.com

 Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com

It will decide which projects get funding. It’s staffed with a corps of volunteer and part-time lawyers who will work to protect bitcoin devs from lawsuits.

Finance the First Projects

Dorsey noted in an email that Dorsey had previously chosen the Fund’s first project. Tulip Trading brought a lawsuit against many developers. They claimed that the Fund had already chosen the first project to take on. Bitcoin Defense Fund will fund the legal defense of the developers who were named in the suit by providing funding.

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

The Fund is critical as more developers find themselves involved in lawsuits because of their involvement in bitcoin. Due to their limited resources, these devs often find themselves in a difficult position. The Bitcoin Defense Fund can change all of 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. He announced in December the Bitcoin Trust Fund (BTrust), which will help to speed up bitcoin development in India and Africa.

Featured image by CryptoPotato. Chart available at TradingView.com

Get more Crypto News at CFX Magazine