Jack Dorsey and co. initiates Bitcoin Defense Fund to aid developers

Sahana Kiran
Jack Dorsey
Source – Unsplash

Several have been reaping the benefits of Bitcoin [BTC], however, very few were working towards elevating the network. Jack Dorsey, the former CEO of Twitter belonged to the latter. Dorsey has time and again expressed his interest in Bitcoin and even worked towards its development. In a similar attempt, the Twitter co-founder was seen trying to set up a Bitcoin Legal Defense Fund.

Despite garnering the attention of the entire globe, Bitcoin remained in the gray area for many. Governments seemed to be so appalled by the decentralization BTC entailed that they decided to roll out their own centralized digital currency.

Therefore, Bitcoin developers are often subject to threats and lawsuits, in order to tackle the same, Jack Dorsey sent out an email about setting up a legal support fund. Earlier today, several Bitcoin devs received this email.

Jack Dorsey’s Bitcoin Legal Defense Fund

The Bitcoin legal defense fund board consisted of three members including, Jack Dorsey, Alex Morcos as well as Martin White. The trio sent out emails to Bitcoin devs that read,

“The Bitcoin community is currently the subject of multi-front litigation. Litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support. Open-source developers, who are often independent, are especially susceptible to legal pressure. In response, we propose a coordinated and formalized response to help defend developers.”

In order to combat this, the Bitcoin Legal Defense Fund would reportedly act as a non-profit that “minimizes legal headaches discourage software developers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin privacy protocols, and the like.”

Furthermore, Jack Dorsey and the others noted that the fund wouldn’t just take care of the monetary aspect. An array of things ranging from developing a litigation strategy, finding and retaining a defense counsel, would be foreseen by the fund. The Fund was a voluntary option and Bitcoin devs that were keen on employing it were welcome to do so.

A Bitcoin media-focused fund?

Jack Dorsey was further lauded by many for his latest move. Crypto Twitter pointed out that Dosey was “really giving it all back.”

While the latest Fund was limited to Bitcoin devs, several in the community speculated that Bitcoin content creators could also seek protection through a fund specifically for them. Earlier today, prominent platform, Bitcoin Magazine got banned from YouTube.

With a whopping 60,000 followers, the platform was shown the door for “encouraging illegal activities.” A Fund curated for the Bitcoin media could certainly help battle censorship like this.