Jack Dorsey to head new fund to protect bitcoin developers

In the beginning, the organization will have part-time volunteers and lawyers, and the board of directors will allocate the resources

12.01.2022 - 12:25

505

1 min

What’s new? Former Twitter chief Jack Dorsey is helping to launch a new fund that will protect bitcoin developers from lawsuits. The project has been set up jointly with the Chaincode Labs co-founder Alex Morcos and Martin White, an academic at the University of Sussex.

The joint statement by Dorsey, Morcos, and White

What is the essence of the project? The Fund will be able to help bitcoin developers sued by Craig Wright's Tulip Trading Limited for alleged breach of the fiduciary duties. The Fund will provide the funds to pay for the external counsel’s services.

“In response, we propose a coordinated and formalized response to help defend developers,” Dorsey wrote.

How will the fund work? It will help appoint the lawyers, develop the defense strategies and pay the court bills. In the beginning, the Fund will employ part-time volunteers and lawyers, with a board of directors allocating the resources. Dorsey, Morcos, and White will be on the board, the letter says.

“At this time, the Fund is not seeking to raise additional money for its operations but will do so at the direction of the board if needed for further legal action or to pay for staff,” Dorsey added.

Author: