- Cryptocurrency influencers propose to establish the ‘Bitcoin Legal Defense Fund Board’.
- The aim is to help independent open-source developers with legal support.
- Aiming to settle the Tulip Trading lawsuit.
On Wednesday, January 12, cryptocurrency influencers Jack Dorsey, Alex Marcos, and Martin White published an email addressing the developers on behalf of the Bitcoin Legal Defense Fund Board. They have informed that the Bitcoin community is currently prey to “multi-front litigation” aimed to discourage the developers from participating in Bitcoin development and similar projects like Lightning Network, bitcoin privacy protocols, and the like. In addition, support from individual defendants has also come to a halt due to insufficient legal support. To extricate the community, the cryptocurrency influencers have proposed to set up the ‘Legal Defense Fund Board’, a non-profit establishment that will help minimize the legal constraints.
The influencers have stated that the initiative is a “free and voluntary option for developers” and is not looking for additional financial support at the moment. Recently, the Tulip Trustee alleged that sure developers have breached the fiduciary duty and for providing the source of funding for outside counsel. The Fund’s primary mission will be to take over this coordination of the Tulip Trading Lawsuit as the moto is to defend the Bitcoin ecosystem further from such proceedings.
The Fund aims to provide legal support to the developers and help find and retain legal counsel, develop litigation strategy, and pay legal bills. It will “start with a corps of volunteer and part-time lawyers” and “will be responsible for determining which lawsuits and defendants it will defend.”