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Ex CEO of Twitter Jack Dorsey, Alex Morcos, and Martin White published an email to Bitcoin developers about establishing a Bitcoin Legal Defense Fund.
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The news comes amid the growing tension in cryptocurrency regulations that have posed significant challenges (litigation and lawsuits) to the growth of the community.
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From left and right, federal regulators are hunting crypto or blockchain startups in court and smashing a number of legal settlements for rule violations. Thus, this triggers protests from the community who says it threatens a growing sector of the economy.
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Recently, regulators like the US Securities and Exchange Commission (SEC), the Treasury Department, and the Commodity Futures Trading Commission (CFTC) reported over $120 million in penalties strived at crypto exchanges.
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Following this, these 3 renowned Bitcoin enthusiasts mentioned above have crafted a way to reduce legal issues for the Bitcoin community.
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According to a blog post, the open-source developers propose a coordinated and formalized response to help defend developers. \n
In the blog, they said that the Bitcoin Legal Defense Fund is a nonprofit organization that aims to minimize legal headaches that prevent software developers from actively developing Bitcoin and related projects. This includes the Bitcoin privacy protocols and Lightning Network.
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In addition, the 3 big people didn’t only stop on the aforementioned but also added that the Fund includes developing litigation strategies, finding and retaining defense counsel, and paying legal bills.
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Furthermore, they stressed that they would start with a corps of volunteer and part-time lawyers and the board of the Fund will take care of determining which lawsuits and defendants it will help defend.
