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.
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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.
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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.
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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.
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