Friday, June 21, 2024

Bitcoin Developers to Get Financial Support from Jack Dorsey’s Defense Fund

Jack Dorsey, the CEO of Block plans to establish a legal lawsuit defense fund that will support bitcoin developers. This community has been facing the threats of litigation from many sources. Most of these developers do not have the resources to support their legal funds so they prefer to back away from defending themselves.

Dorsey’s Plan for the Defense Fund

This plan was outlined in a January 12 email sent to the developers who have subscribed to the mailing list bitcoin-dev. The email content was shared on a Twitter account. The email has signatures of Dorsey, Alex Marcos – the founder of Chaincode Labs, and Martin White who is an academic. All three form the board established for this bitcoin developer defense fund. The goal of this fund will be to help bitcoin developers defend themselves when faced with lawsuits. They can use the fund’s money to pay their legal bills and develop litigation strategies.

Supported by Volunteer Professionals

This fund will be free to use for the bitcoin developers when they need it. The board will take support of some lawyers and volunteers to work on these defense cases. Members of the board retain the power to determine the lawsuits that need monetary help.

The fund will not raise capital at this point from other sources but later it may do so. There have been several cases where bitcoin developers have been dragged to the courts. This fund may help them cover their legal expenses and stand up for right bitcoin causes.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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