Jack Dorsey, creator and preceding CEO of social media platform Twitter, recently announced plans to create a “Bitcoin Legal Defense Fund” His board member will consist of Dorsey, academician Martin White, and Chaincode Labs co-founder Alex Morcos, who will be responsible for selecting the reasons and interviewees to work with him.
Famed Tales Of The Crypto podcast host Marty Bent released the details in an email Jack Dorsey sent to Bitcoin miners and developers outlining his strategic plan to create the Bitcoin Legal Protection Fund. He added that the nonprofit Bitcoin Legal Defense Fund will work to help developers resolve legal disputes that could disrupt their work.
Dorsey’s plan for the future
It’s unclear if Dorsey is leaving the social media company to focus on Squares’ plans to develop a decentralized bitcoin exchange. His email says he intends to “reduce legal issues” for bitcoin developers. It’s unclear if Dorsey has left the social media agency to focus on Squares’ plans to develop decentralized bitcoin exchanges. He will do this by helping to appoint defense attorneys, develop defense strategies and pay legal fees.
Dorsey continues to work on new Bitcoin-related initiatives by launching a new fund to legalize BTC developers. According to the announcement, the Foundation will offer legal protection to bitcoin developers who are in the midst of litigation on multiple fronts. According to the announcement, the funds’ first activity will be to coordinate the defense of Wrights Tulip Trading’s lawsuit against various bitcoin developers in connection with a “breach of fiduciary duty” regarding the theft of cryptocurrencies from Mt
Dorsey left as Twitter CEO in Nov 2021
Dorsey, who stepped down as CEO of Twitter in late November 2021, is a longtime supporter of Bitcoin. He is now the CEO of the newly formed Block (formerly known as Square and hasn’t been able to stop taking the lead in the crypto world ever since he left Twitter. Last year, the founders of the Twitter Cryptocurrency Open Patent Alliance (COPA) said they filed a lawsuit against Wright in the UK, seeking legal evidence that Wright does not own the copyright to the Bitcoin whitepaper.
According to a recent job posting on Linkedin, Jack Dorsey’s Block is even looking for a new Bitcoin mining expert.
Wright’s Legal proceedings
On Nov. 19, a decentralized exchange project called tbDEX released a white paper detailing its plans to create a messaging protocol. Wright, who has had some success with his legal work in the UK, issued people for publishing the Bitcoin white paper on their websites, often winning legal proceedings. Now, three well-known Bitcoin enthusiasts have developed a method to minimize legal troubles for the Bitcoin community.
Hence the Dorsey plans to create a “Bitcoin Legal Defense Fund”.One of the main reasons for this is “protecting developers from lawsuits regarding their activities in the Bitcoin ecosystem,” the blog says. The above development will certainly provide a morale boost, encouraging Bitcoin developers to take further steps in the crypto pool. The Foundation Council will be responsible for determining which lawsuits and defendants it will help defend.