(Twitter) Block CEO Jack Dorsey has proposed a legal defense fund that will protect Bitcoin developers from potential lawsuits.
The non-profit defense fund will protect bitcoin developers by finding and retaining a defense counsel. The defense will also be tasked with developing a litigation strategy and settlement of associated legal charges.
The fund will be voluntary and free for developers and will incorporate a team of volunteer and part-time lawyers. The developers to benefit will be selected by the fund’s board.
The fund will not seek external financing at the moment, although this may change in the future at the discretion of the board.
The new defense fund comes when there is a growing lawsuit against the Bitcoin developers. The fund’s first task is on the lawsuit involving Wright’s Tulip against various Bitcoin developers in alleged “bread of fiduciary duty” in Mt.Gox hack.
BTCUSD is down +1.28%.
