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Jack Dorsey Proposes Bitcoin Developer Legal Defense Fund to Fend off Lawsuits

The former Twitter chief, Jack Dorsey, proposes a nonprofit defense fund to keep lawsuits off the Bitcoin community’s back.

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Photo by WeRMS

The former Twitter chief, Jack Dorsey, has stated he can help fend off lawsuits that are weighing down the Bitcoin ecosystem. A report from Coindesk states that Dorsey, Chaincode’s Alex Morcos, and Martin White have collectively proposed a nonprofit legal defense fund for Bitcoin developers in particular, in an effort to protect them against lawsuits as well as very similar “legal pressure.”

The board, which currently consists of Dorsey, Morcos, and White, would choose the cases they’d lend their support to, with part-time and volunteer lawyers providing the defense for the counsel initially for free.

The fund plans to initially take over coordination for the defense against the Tulip Trading lawsuit that targets developers over the alleged breaches of fiduciary duty that is relating to the now long-dead Mt. Gox Bitcoin exchange. Dorsey didn’t disclose exactly how much the fund had to kick things off, but he did note it wasn’t looking for any additional source of money “at this time.”

It’s important to note that Dorsey has a personal stake in this commotion, as his company Block is heavily involved in Bitcoin, other cryptocurrencies, and the blockchain, and not to mention the influx of lawsuits could end up meddling his business’ operations just as much as the next firm’s. Dorsey did remark though, that many a Bitcoin developer are independents and don’t have much choice but to call it quits when the lawsuits come their way, as they don’t have the resources required to fight them off. They might find that the nonprofit is vital to them as it strengthens the Bitcoin community as a whole, regardless of whether Dorsey benefits personally or not.

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