Posts: 14,036 +150
In brief: Block CEO Jack Dorsey has proposed the creation of a legal defense fund that would help Bitcoin developers deal with mounting litigation. The fund’s services would be free for developers to take advantage of if they choose to do so. Initially, volunteers and part-time lawyers would assist with cases, and the fund’s board would be responsible for determining which cases and defendants to help.
Dorsey outlined the basics of the proposal in an e-mail to the Bitcoin-dev mailing list. In it, he said litigation and continued threats to the community are having their intended effect as some individual defendants have chosen to surrender in the absence of legal support.
The Bitcoin Legal Defense Fund would be a non-profit entity tasked with helping developers minimize legal headaches. Specifically, the fund would assist with finding and retaining defense counsel, developing legal strategies and paying legal fees.
Dorsey, in addition to Alex Morcos and Martin White, would serve as the first board members.
Dorsey no doubt has a vested interest in Bitcoin. In late 2020, he used $50 million of Square’s money to purchase 4,709 Bitcoins. In hindsight, the move was viewed by some as the starting point for crypto's latest rally. At Bitcoin’s current value of $43,860.26, that investment is now worth more than $206 million.
The following summer, Square (now Block) said it was building a hardware wallet for the cryptocurrency. A few months later, Dorsey stepped down as Twitter CEO, no doubt freeing up a bit more time in his busy schedule.
Image credit: Tingey Injury Law Firm