In what can be seen as another major step in favour of cryptocurrency, Bitcoin by Jack Dorsey, the former Twitter CEO has proposed to create a legal defence fund that would help Bitcoin developers deal with mounting litigation.
Dorsey is currently the CEO of Block, an American financial services and digital payments company, and has been becoming more and more active in the crypto space after stepping down as Twitter CEO in November 2021.
Also Read: Former Twitter CEO Jack Dorsey Says Bitcoin Will Replace The US Dollar
The fund’s services would be free for developers to take advantage of in case they choose to do so. Its volunteers and part-time lawyers would initially assist with cases, and this legal defence fund’s board would be the one responsible for determining which cases and defendants to help.
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Jack Dorsey outlined the basics of the proposal in an email to the mailing list Bitcoin-dev.
an email to the bitcoin dev mailing list from @jack explaining the Bitcoin Legal Defense Fund pic.twitter.com/y1XY3XG0IR
Dorsey mentioned in the mail that litigation and continued threats to the Bitcoin community are having their intended effect as some individual defendants have chosen to surrender in the absence of legal support.
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This Bitcoin Legal Defense Fund would essentially serve as a non-profit entity aimed at helping developers minimize legal headaches.
The fund would specifically assist with tasks such as finding and retaining defence counsel, developing legal strategies, and paying the legal fees.
In fact, this legal fund would also include a team of volunteers as well as part-time lawyers who will be readily accessible to developers for legal consultation.
Besides Jack Dorsey, the email was also signed by Chaincode Labs co-founder Alex Morcos as well as academic Martin White. Both of them join the former Twitter CEO on the proposed legal fund’s board.
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This Bitcoin Legal Defense Fund’s first move would be to support 16 developers being sued by an Australian computer scientist Craig Wright. The scientist claims to be the creator of Bitcoin.
Recently in December 2021, he had won a court battle to keep a cache of 1.1 million Bitcoins, worth about a whopping $54 billion (roughly ₹ 3,99,238 crore) at the time.
And that’s not all.
In the new case called the “Tulip Trading” lawsuit, Craig Wright claims that the access keys for a Bitcoin wallet were reportedly stolen from him last year in the Mt. Gox hack, and he is demanding the developers be forced into giving him back control of the wallet. This case too has billions of dollars at stake!
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Hinting towards his next step towards Bitcoin cryptocurrency, the Former Twitter CEO had today tweeted about officially building an open Bitcoin mining system!
We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48
Also Read: The Elon Musk Effect: Tesla CEO’s Top Tweets Of 2021 That Sent The Crypto Market Crazy
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