Block founder and the former Twitter CEO Jack Dorsey wants the creation of a legal defense fund for bitcoin developers amid heightened litigations.
Dorsey says that the fund would be used to defend developers in lawsuits concerning their work in the network.
The fund would reportedly search for and maintain a defense counsel, develop a litigation strategy and offset legal representation fees.
The first assignment would be Wright’s Tulip Trading Lawsuit against bitcoin developers in the Mt. Gox security breach.
The note adds that the fund is available to developers for free, and its board would recruit volunteers and part-time legal officers.
The directive ruled out any possibility of mobilizing external funds at the moment but could be considered in the future.
Dorsey’s proposal, made on January 12, was submitted to the bitcoin-dev mailing list. Dorsey, Martin White, and Chaincode’s Alex Marcos signed the draft.