Mon. Jan 24th, 2022

The case is Bitcoin weighs heavily on the ecosystemAnd the former Twitter chief Jack Dorsey Think he can help prevent them. Coindesk Report Dorsey, Chaincode’s Alex Marcos and Academic Martin White Recommended A non-profit legal defense fund for Bitcoin developers to protect them from lawsuits and similar “legal pressures.” The Board of Funds (currently Dorsey, Marcos, and White) will choose cases to support, while part-time and volunteer lawyers will provide free initial defense advice.

The fund will initially be responsible for coordinating defense against tulip trading Case Targeting developers for allegations of fiduciary duty violations related to long-dead Mount Gox Bitcoin exchange. Dorsey did not say how much money to fund, but noted that it was not looking for extra money “at this time”.

Of course Dorsey has a direct incentive to establish a legal defense fund. His company blocks Bitcoin is heavily involved in other cryptocurrencies and blockchains, and the storm of lawsuits can tarnish its business as much as anyone else. However, Dorsey noted that many bitcoin developers are independent and do not have the resources to fight except to give up when suing. The nonprofit could prove important if it fully empowers the Bitcoin community, whether Dorsey directly benefits from its actions or not.

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