Backing Up Bitcoin Developers
In an sent out to the bitcoin developers’ mailing list, Twitter ex-CEO Jack Dorsey announces the establishment of the Bitcoin Defense Fund. The fund was a response to the various litigations bitcoin developers were being subjected to due to their work involving bitcoin and its products. A lot of these are open-source developers, who are unable to afford proper legal defense when faced with these litigations.Related Reading | Bitcoin Discount? Peter Brandt On Why You Shouldn’t Buy The Dip
BTC recovers to $43K | Source:As for the projects that get funded, the board of the Fund will be responsible for making the decisions. It’s staffed with a corps of volunteer and part-time lawyers who will work to protect bitcoin devs from lawsuits.
Funding The First Projects
In the email, Dorsey notes that the Fund had already chosen the first project to take on. The Tulip Trading lawsuit had been brought against a number of developers, claiming a breach of fiduciary duty on the part of the devs. The Bitcoin Defense Fund will provide funding for the outside counsel for the developers named in the lawsuit to aid in their legal defense.Related Reading | ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction
This Fund comes at a critical point where more devs are finding themselves in the middle of lawsuits due to their work in the bitcoin space. These devs are often backed into a corner as they are unable to provide adequate legal defense for themselves due to limited resources. The Bitcoin Defense Fund will change this.This Bitcoin Defense Fund is another in a long line of activities that have proven Dorsey’s support for bitcoin and its development. In December, he announced the Bitcoin Trust Fund (BTrust), to accelerate bitcoin development in Africa and India.
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