announces bitcoin legal defense

Wright is arguing for the imposition of tortious and fiduciary duties on blockchain developers towards their userbase, and there is sound basis in law to find that such duties do exist. In addition to the U.K. courts’ willingness to extend fiduciary duties to novel relationships, courts in other jurisdictions have also found the distributors of peer-to-peer software to be directly liable for the infringements they enable: see the U.S. Supreme Court’s ruling in MGM Studios, Inc. v. Grokster, which found the distributors of P2P software directly liable for the copyright infringement of its users. Even if the courts fall short of finding that blockchain developers do owe such duties to their users, there are still other avenues that might be used to hold blockchain developers accountable to the people relying on them.


The two events in 2020 welcomed a combined 11,000 unique guests from more than 80 countries, the majority of whom were new to blockchain development.

Bitcoin Association will once again work with leading external partners to deliver this iteration of Bitcoin SV DevCon, with the event set to be powered by WeAreDevelopers, a leading online community platform for developers with a track record of producing best-in-class educational resources and events, as well as nChain, the global leader in research and development of enterprise-grade blockchain solutions.

To register to attend Bitcoin SV DevCon 2021 on May 15-16, visit wearedevelopers.com/event/bsv-devcon-2021.

During a special meeting held on 6 May, the Bank of Central African States (Banque des États de l’Afrique Centrale: BEAC), the regional central bank, banned the use of cryptocurrencies in any financial transactions in the CEMAC region. This decision was designed to safeguard financial stability and preserve customer deposits, the BEAC stated. The CAR’s decision to adopt the bitcoin as legal tender could thus trigger sanctions by the CEMAC, which would both limit the CAR’s access to deposits held in CEMAC accounts and increase the risk of domestic debt defaults.
The CAR will also face challenging bitcoin implementation issues. The CAR is a very small economy, accounting for roughly 2.6% of overall CEMAC GDP, and years of civil war has left most of the population displaced and poor.


The country also lacks sufficient infrastructure (such as access to electricity, internet, and mobile coverage, combined with a large digital divide) to be able to attempt to implement a volatile cryptocurrency as a generalised form of legal tender.

Bitcoin’s adoption has implications for the CAR’s relationship with the International Monetary Fund (IMF)

The CAR is on an IMF staff-monitored programme (SMP) to unlock future concessional assistance under an Extended Credit Facility. Concessional funding will be required to meet pressing socio-economic and reconstruction needs. The IMF has previously stated its concerns about the adoption of bitcoin as legal tender, which could jeopardise the CAR’s standing under the SMP and future disbursements, significantly exacerbating the country’s problems in meeting its fiscal financing needs.

  • The CEO of a Fortune 500 company, Dorsey, has announced that he is starting a fund to protect Bitcoin from legal attacks.
  • The fund’s first activity would be to coordinate the defense for the Tulip Trading lawsuit against developers alleging the breach of fiduciary duty.
  • Bitcoin legal defense fund is currently not seeking to raise additional money for its operation; it could do so at the board’s direction if needed.
  • The former Twitter CEO Jack Dorsey is now spearheading the launch of a fund that would defend Bitcoin developers from legal attacks. Bitcoin developers are being sued by Craig Wright’s Tulip Trading Limited, the first activity that the fund would tackle.

    Jack Dorsey spearheads fund to defend Bitcoin developers

    Earlier today, former Twitter boss Jack Dorsey sent an email to Bitcoin developers, revealing a fund to defend the community from legal attacks. Dorsey believes that the open-source Bitcoin developer community is susceptible to legal pressure.

    The American technology entrepreneur is keen on coordinating open-source developers and filing formalized responses to defend them from legal attacks.

    The email reads:

    The main purpose of the fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills.

    The Bitcoin legal defense fund will foot the bill to defend developers against litigation revolving around BTC-based projects.

    CAR’s deepening security relations with Russia. It thus appears both as a potential step towards circumventing current international sanctions against Russia and further reducing French influence by moving the CAR away from the CFA franc zone.

  • The adoption of a volatile cryptocurrency will have far-reaching consequences, threatening the CAR’s position in the Economic and Monetary Community of Central Africa (CEMAC) block.
  • The experience of El Salvador, where Bitcoin adoption has been slow, indicates limited everyday use and rising default risk.
  • The CAR’s adoption of bitcoin threatens its position within the CEMAC

    The CAR is a member of the CEMAC region (Cameroon, Chad, CAR, Equatorial Guinea, Gabon, Congo-Brazzaville) and the CFA franc zone, with its official currency, the CFA franc, pegged to the euro and backed by the French Treasury.

    The DevCon sessions will cover a variety of topics that will provide both a foundational knowledge of the Bitcoin network and its programming language Bitcoin Script, as well as practical guidance for building powerful applications on the Bitcoin blockchain, including the use of the latest third-party tools and software development kits. Developers will also learn techniques to build applications that leverage the unique features of the Bitcoin SV blockchain, including its massive scaling power, ability to process high volumes of both data and payment transactions, as well as its nanopayment capabilities.

    Bitcoin SV DevCon 2021 follows on from the success of the inaugural Bitcoin SV DevCons in 2020, with an English-language edition hosted July 18-19, 2020 and a Chinese-language version on August 29-30, 2020.

    Wright’s groundbreaking legal battle (brought via Tulip Trading) to have the courts recognize that Bitcoin developers owe fiduciary duties to those who rely on their development and maintenance of the blockchain as the first target for the Fund’s ‘defense.’

    The proposal is in keeping with Jack Dorsey’s pattern of opposition to Bitcoin and Dr. Craig Wright specifically. The founding of the Fund echoes the Twitter founder’s earlier establishment of the Crypto Open Patent Alliance (COPA). COPA was initially sold by Dorsey as a cause-agnostic anti-patent litigation group, but since its founding almost a year ago the so-called Alliance has yet to do anything other than oppose Dr.
    Wright’s claim to the Bitcoin white paper. The Alliance’s membership consists almost exclusively of the most notorious defenders of BTC and outspoken critics of Dr.

    Wright.

    The most telling part of this latest proposal is that the Fund—despite having already identified their first target in Dr. Wright and Tulip Trading—is not raising any money. Given the Fund appears to only consist of Dorsey, Morcos and White, the announcement seems to be less about the establishment of any general-purpose fund for helpless defendants and more a declaration that Jack Dorsey’s Twitter billions will be made especially available to anyone who finds themselves facing Dr. Wright in court. Indeed, the announcement concedes that the lawsuits and defendants that the Fund chooses to defend is entirely at the discretion of the three-person Board.

    Dorsey’s move is likely to give Dr.
    Wright’s legal opponents some more financial rope, but it won’t help them defend against his legal arguments once they are before a court. Dr.

    I’m delighted to announce that next month over the weekend of May 15-16, Bitcoin Association will be hosting Bitcoin SV DevCon 2021 – once again completely virtually. Last year’s events demonstrated the great interest from all corners of the globe in learning how to develop enterprise-grade blockchain applications – interest that we expect to build on with this year’s editions – as we help more developers to understand the power of the only blockchain with the ability to scale unbounded and provide a truly open platform for innovation and development, Bitcoin SV.”

    Also commenting, Steve Shadders, CTO of nChain and Technical Director of the Bitcoin SV Infrastructure Team, said:

    “Bitcoin SV DevCon was one of my true highlights of 2020, with thousands of developers from all over the world joining in to learn, share and collaborate about building with Bitcoin SV.

    ZUG, Switzerland, April 12, 2021 /PRNewswire/ — Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the Bitcoin SV blockchain, today announces that Bitcoin SV DevCon 2021 – a two-day virtual conference centred on developing applications and services for the Bitcoin SV network – will be held over the weekend of May 15-16 in partnership with WeAreDevelopers and nChain.

    The weekend-long virtual event is free to attend and will feature leaders from across the Bitcoin SV ecosystem teaching sessions that have been designed to educate and upskill developers interested in working with the Bitcoin SV blockchain and data network.

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