The Board of Directors of the Fund decides which cases and defendants will receive assistance
As the cryptocurrency scene has grown, Bitcoin and its larger cryptocurrency community have become a target for regulators, resulting in fines. A new initiative by three Bitcoin advocates is trying to improve this situation.
Former Twitter CEO Jack Dorsey, along with two other Bitcoin advocates, Martin White and co-founder Alex Morcos of Chain Code Lab, will form the board of the new Bitcoin Legal Defense Fund. to do. “A coordinated and formal response to protect developers.”
A “breaker” for software developers
According to an email sent to Bitcoin developers yesterday, the new fund will focus on protecting developers from actions targeting their actions in the crypto ecosystem. Further explaining the need for a newly created nonprofit, three enthusiasts said that open source developers are often highly targeted and vulnerable to legal pressures. Often, when there is a lack of support to combat legal issues, they easily succumb to pressure.
The Bitcoin Legal Defense Fund aims to reduce legal issues that discourage software developers from actively developing related projects such as Bitcoin, Lightning Network and Bitcoin Privacy Protocol. It is a non-profit organization. ” Dorsey Books.
As for how the fund helps protect developers, email details will fund the legal advisor’s discovery and retention. It also helps in formulating litigation strategies and dealing with legal costs. The Board then stated that the developers’ use of the Defense Fund was entirely voluntary.
ready to get into it
The panel said that the fund-supported defendants and follow-up decisions were left to the Board’s discretion. The email stated that the fund is not currently seeking additional funding to carry out its operations. However, if the need arises, the Board of Directors may approve additional funding or payments to employees for legal action.
The first goal is to fund an outside legal advisor to Tulip Trading Ltd, Australian computer scientist Craig Wright. Some of the company’s developers have taken legal action, accusing them of breaching the credit guarantee.
“The Fund’s first activity is to take on the current defense of Tulip proceedings against specific developers alleging breaches of fiduciary security and to provide funding to outside attorneys.” I read the email.