In an email sent to bitcoin developers, Dorsey described the new fund as a “non-profit entity that aims to minimize legal headaches that discourage software developers to actively develop Bitcoin and related projects such as the Lightning Network, bitcoin privacy protocols, and the like. “
It comes at a time when the community has seen a growing number of “litigation on various fronts and ongoing threats”, leading individual defendants to capitulate in the absence of legal support.
The main objective of the fund is “defend developers from lawsuits related to their activities in the bitcoin ecosystem.” This includes “finding and retaining a defense attorney, developing a litigation strategy, and paying the legal bills.”
It is worth noting that the bitcoin Legal Defense Fund will be completely free and voluntary for developers if they decide to seek help.
It will feature a board comprised of Dorsey, Academic Martin White, and Chaincode Labs Co-Founder Alex Morcos, who is responsible for choose the lawsuits and defendants you work with.
The fund has already chosen its first case, since “it will assume the coordination of the defense existing in the Tulip Trading lawsuit against certain promoters who allege breach of fiduciary duty and will provide the source of funding for outside attorneys. “
Source From: Ambito
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