Jack Dorsey, founder and CEO of Block, Inc. (formerly, Square) announced plans to launch a Bitcoin legal defense fund. The proceeds from the fund will be used to support legal actions for open source developers in the cryptocurrency and blockchain communities.
An LFJ Conversation with Michael Kelley, Partner, Parker Poe
Jack Dorsey, founder and CEO of Block, Inc. (formerly, Square) announced plans to launch a Bitcoin legal defense fund. The proceeds from the fund will be used to support legal actions for open source developers in the cryptocurrency and blockchain communities.
ZDNet.com explains that the Bitcoin community is facing various challenges via litigation. Dorsey’s new Bitcoin Defense fund would help ease pressures on open-source developers as they defend and/or pursue various cryptocurrency and blockchain litigation instances. Dorsey is labeling the fund as a coordinated and formalized facility for the cause.
The fund aims to help pay for developer legal bills in retaining quality attorneys. Dorsey alludes to advantages from litigation funding scenarios in developing strategies to protect cryptocurrency and blockchain developers from legal attacks. Furthermore, Dorsey is positioning the fund to be a free and open option for developers to engage, if they wish.
The fund will look to engage volunteer and part time legal leadership to operate. Dorsey plans to share more about the Bitcoin Legal Defense Fund’s future in the coming weeks and months.
