Twitter’s Former CEO Jack Dorsey Is Setting Up a Fund to Help Bitcoin Devs
Bitcoin Legal Defense Fund will provide the first and leading cryptocurrency developers with lawyers, develop a strategy for their defense in court, and pay various legal costs.
Co-founder and former CEO of Twitter, and also the head of the crypto company Block (formerly Square) Jack Dorsey announced the creation of a fund that will provide legal support to Bitcoin developers. The Bitcoin Legal Defense Fund will provide attorneys, develop a defense strategy in court, and pay legal fees.
The main goal of the new foundation is to protect the “susceptible to legal pressure community.” In addition to Jack Dorsey, the Bitcoin Legal Defense Fund board includes co-founder of Chaincode Labs Alex Morcos and a Professor of Computer Science, Martin White.
First of all, the fund plans to support 16 Bitcoin developers, against whom the self-proclaimed Satoshi Nakamoto — Craig Wright has filed a lawsuit. Last February, Craig Wright demanded that Bitcoin Core developers give him back access to two Bitcoin addresses.
At the end of November 2021, Jack Dorsey announced his resignation as head of Twitter. The Board of Directors has approved Parag Agrawal, an Indian-American technology executive, as the company’s new head. Dorsey also rebranded his financial services company Square, renaming it Block. The Square name will remain with the payment platform, which has been accepting and processing payments for small and medium businesses since 2009.
Dorsey said that Block’s new name reflects the company’s new vision and development into an ecosystem. It includes the Cash App service, the Tidal music, video streaming platform, and the tbDEX decentralized crypto exchange.
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