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The cases are very heavy on the Bitcoin ecosystem, as well as a former Twitter executive Jack Dorsey they think they can help them. Coindesk reports Dorsey, Alex Morcos of Chaincode and student Martin White are among them has been given a useless legal security fund for Bitcoin makers to protect them from lawsuits and similar “legal compulsions”. The board of trustees (currently Dorsey, Morcos and White) can choose cases to assist, while temporary and volunteer lawyers provide first-hand defense advice for free.
The fund will be overseeing the defense against Tulip Sales case fighting the developers for what they say is a violation of their duty in relation to those who have died in the past Mt. Gox Bitcoin exchange. Dorsey did not say how much money the fund should start, but also said it was not looking for extra money “at this time.”
Dorsey has specific incentives to establish a legal security fund, yes. His company Block is heavily involved with Bitcoin, other crypto currencies and blockchain, and the proliferation of lawsuits could damage its business just like anyone else. However, Dorsey noted that many Bitcoin makers are independent who have nothing to do but quit when faced with lawsuits that do not have weapons of war. Nonprofits can be significant if they strengthen the entire Bitcoin community, whether Dorsey benefits directly from its operations.
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