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Jack Dorsey Formalizes Legal Defense to Protect Bitcoin Developers by@loudposts

Jack Dorsey Formalizes Legal Defense to Protect Bitcoin Developers

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We are a media company focusing on blockchain, NFT, Crypto, and new emerging technology.

Ex CEO of Twitter Jack Dorsey, Alex Morcos, and Martin White published an email to Bitcoin developers about establishing a Bitcoin Legal Defense Fund.

The news comes amid the growing tension in cryptocurrency regulations that have posed significant challenges (litigation and lawsuits) to the growth of the community.

From left and right, federal regulators are hunting crypto or blockchain startups in court and smashing a number of legal settlements for rule violations. Thus, this triggers protests from the community who says it threatens a growing sector of the economy.

Recently, regulators like the US Securities and Exchange Commission (SEC), the Treasury Department, and the Commodity Futures Trading Commission (CFTC) reported over $120 million in penalties strived at crypto exchanges.

Following this, these 3 renowned Bitcoin enthusiasts mentioned above have crafted a way to reduce legal issues for the Bitcoin community.

According to a blog post, the open-source developers propose a coordinated and formalized response to help defend developers.

In the blog, they said that the Bitcoin Legal Defense Fund is a nonprofit organization that aims to minimize legal headaches that prevent software developers from actively developing Bitcoin and related projects. This includes the Bitcoin privacy protocols and Lightning Network.

In addition, the 3 big people didn't only stop on the aforementioned but also added that the Fund includes developing litigation strategies, finding and retaining defense counsel, and paying legal bills.

Furthermore, they stressed that they would start with a corps of volunteer and part-time lawyers and the board of the Fund will take care of determining which lawsuits and defendants it will help defend.

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by LoudPosts @loudposts.We are a media company focusing on blockchain, NFT, Crypto, and new emerging technology.
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