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    Twitter Founder Will Provide Legal Assistance to Bitcoin Developers

    Jack Dorsey to plans to create create a Bitcoin Legal Defense Fund

    Today it became known about plans to create a Bitcoin Legal Defense Fund, which will provide legal support to the developers of the first cryptocurrency. Bitcoin developers received a message about this in an email newsletter, but the official confirmation has not yet been made.

    The letter was written by former Twitter CEO and head of crypto company Block Jack Dorsey. According to him, he was prompted to create a new organization by the fact that independent developers are increasingly faced with prosecution and are not able to properly defend themselves. The letter emphasizes that the developer community is as vulnerable to legal pressure as possible.

    The Bitcoin Legal Defense Fund's council, along with Dorsey, will include Chaincode Labs co-founder Alex Morcos and University of Sussex professor Martin White. The foundation's volunteers and lawyers will provide legal support to the developers – providing attorney services, paying bills and advising on the right litigation strategy.

    The non-profit foundation will be free developers – the organization will take over the litigation, and will try to minimize participation in the processes of developers so that they can focus on the development of the Bitcoin ecosystem. The fund is going to take care of all the financial costs, although it is possible that additional capital will be needed in the future. These issues will be decided by the board of directors of the fund.

    According to Dorsey and his colleagues, the fund will begin its activities by providing legal support to developers who are being prosecuted by Tulip Trading Limited, which is associated with Craig Wright, due to a possible "violation of fiduciary duties", as well as Wright's wife. The list of developers has 16 people, including Ira Kleiman and others.

    Dorsey stepped down as CEO of Twitter at the end of November 2021. He now heads Block (formerly known as Square), a financial payments firm that experiments with cryptocurrency-related ideas, including a decentralized exchange (DEX) for trading Bitcoins and other digital currencies. Dorsey's tenure as a member of the Twitter board of directors will end in 2022.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.