Jack Dorsey, the founder and CEO of Twitter has announced that his company Jack Dorseys will be launching a new Bitcoin

[CryptoMund]

https://cryptomund com/posts/Jack-Dorsey-the-founder-and-CEO-of-Twitter-has-announced-that-his-company-Jack-Dorseys-will-be-launching-a-new-Bitcoin-legal-defense-fund-p241

Jack Dorsey isn't afraid to speak up when he feels his friends have been targeted by the media. The Twitter founder took aim at those taking legal potshots at Bitcoin developers including Craig “Faketoshi” Wright, after they were featured in an article for orchestrating one of this year's largest hacks on Wall Street. As cryptocurrency becomes more popular and valuable continues to rise, many people will inevitably see it differently according to their own opinions or beliefs which may lead them into believing something inaccurate due its lack of completeness compared with what actually happened so far.



It is important to note that Twitter co-founder and head of Square's blockchain division, Jack Dorsey along with Alex Morcos of Chaincode Labs / the company behind Hudson River Trading has issued a letter addressed “to developers.” In this message they mention how "the community" - which includes all users on their platform including those who may not necessarily agree or support something mentioned in either post - is currently facing litigation from multiple fronts.



In a surprising turn of events, the trio expressed that in this scenario they agreed with one another and added “continued threats are having their intended effect” as individuals have chosen to capitulate without legal backup.



The author of this letter addressed their concerns regarding Wright, the man who claims to be Satoshi Nakamoto and his Tulip Trading firm. They mentioned how they have attempted lawsuits against group open source BTC developers as well BCH/BSV teams but instead went with a civil case filed in UK court because it's less formal than filing lawsuits usually within our country’s legal system.



To help ensure that Bitcoin and other cryptocurrencies are developed in a safe environment, Dorsey has created the Bitcoin Legal Defense Fund. The nonprofit entity aims to minimize legal headaches for developers who work on these projects so they can continue making major advances with their innovative technology without being discouraged by potential risks from lawsuits or performeronomy-related issues.



The applicants are looking to create a fund that will help defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, as well as providing assistance with finding and retaining defense counsel.



These lawsuits may never make it to trial. The initiative, Dorsey and company noted “will start with a corps of volunteer lawyers” while three said that the fund's board is responsible for determining which defendants they help defend in these cases - but we all know how well that goes when you're on your own.



It's no secret that open-source developers are often independent and susceptible to pressure from legal threats. To help defend these individuals, we propose a coordinated yet formalized response in order for them to be able withstand any court proceedings or investigations against their projects without fear of repercussions on themselves.



The first test for the legal team will be a battle against Wright in London. The co-authors explain that they must take on behalf of Tulip Trading suit against certain developers who are accused of breaching fiduciary duty, provide funding sources to outside counsel and coordinate efforts between various departments within their organization while also managing multiple cases at once - all before deadlines close next week.



The fund has announced that it will not be seeking to raise additional money, but may do so in the future if needed. Some of those who supported this decision expressed their eagerness and excitement about backing up funding with crypto holdings on Twitter.



The developers are said to have acted with negligence and breached their fiduciary duty when withdrawing funds from Wright's account in February 2020.



The developers of an apartment complex were handed a victory in court recently when their lawyers convinced Tulip Trading to foot the bill for legal representation. This means that we can expect this case will go before judges soon.



With his success in the UK, Wright is now looking to expand further by taking legal action against individuals who host or link from their website towards Bitcoin. He has claimed that these people including Cobra on behalf of bitcoin org have violated copyright laws because they do not follow due process when removing content which contravenes this country's legislation.



Last year, the Twitter founder’s Cryptocurrency Open Patent Alliance (COPA) filed a lawsuit against Wright in an effort to obtain legal proof that he has no copyright ownership over Bitcoin white paper.