Former Twitter CEO Jack Dorsey Announces Bitcoin Legal

Block CEO and former Twitter CEO Jack Dorsey has proposed the creation of a legal defense fund that would help bitcoin developers deal with a growing lawsuit. Called the Bitcoin Legal Defense Fund, its services will be free for developers to take advantage of if they choose to do so. Initially, volunteer and part-time attorneys will assist with cases, and the fund’s board will be responsible for determining which cases and defendants to help. Dorsey explained the basics of the proposal in an email to the bitcoin-dev mailing list.

In the email, Dorsey said the litigation and continued threats to the community are having their intended effect because some individual defendants have chosen to surrender for lack of legal backing.

The Bitcoin Legal Defense Fund will essentially operate as a non-profit, helping developers ease legal headaches. Specifically, the fund will assist with finding and retaining defense attorneys, developing legal strategies, and paying legal fees. In fact, the fund will also include a team of volunteers and part-time lawyers, easily accessible to developers seeking legal advice.

In addition to Dorsey, the email was signed by Chaincode Labs co-founder Alex Morkos and academic Martin White, who both join the former Twitter boss on the fund’s board.

The Bitcoin Legal Defense Fund’s first step will be to support 16 developers who are sued by Australian computer scientist Craig Wright, who claims to be the creators of bitcoin. Wright won a court battle in December 2021 to hold 1.1 million bitcoin cash, which was valued at around $54 billion (about Rs 3,99,238 crore) at the time.

In the new case, known as the “tulip trading” lawsuit, Wright claims that access keys to a bitcoin wallet were stolen in the Mt Gox hack last year, and he is demanding that developers give him control back. be forced to. Wallet — Another case with billions of dollars at stake.

Dorsey, who has become more crypto-focused since stepping down as CEO of Twitter to focus on his digital finance company Block, which is rebranded from Square. Recently, two NBA stars agreed to pay their salaries in bitcoin through their Cash app, the latest in Dorsey’s efforts to increase bitcoin adoption.

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