Jack Dorsey to Launch “Bitcoin Legal Defense Fund” and LooksRare Sells Over $100M in NFTs

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Twitter’s co-founder and Block’s current CEO, Jack Dorsey, has announced plans to launch a “Bitcoin Legal Defense Fund”. The announcement was posted to the bitcoin-dev mailing list at 13:45 UTC on Wednesday from an email address that appeared to belong to Dorsey.

In reaction to recent legal challenges faced by the crypto industry, Chaincode Labs co-founder Alex Morcos and Martin White, a professor at the University of Sussex, are the brains behind the Bitcoin legal defense fund. The Fund will give legal representation to Bitcoin developers who are being sued for their involvement in the Bitcoin ecosystem.

“The Bitcoin Legal Defense Fund is a nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects such as the Lightning Network, Bitcoin privacy protocols, and the like,” Dorsey wrote in an email on the Bitcoin developer’s listserv.

According to the mail, the Fund’s primary purpose is to protect bitcoin developers from lawsuits in the Bitcoin ecosystem, including finding and retaining defence counsel, developing litigation strategy, and paying legal bills. Services will be free and voluntary for developers working on Bitcoin-related projects “if they so wish”. The Fund will begin with a group of part-time and volunteer lawyers. The Fund’s board of directors will decide which lawsuits and defendants it will support in defending.

The Fund’s first move will be to take up Ramona Ang’s “Tulip Trading Lawsuit” against developers for alleged malfeasance regarding access to a Bitcoin (BTC) fortune.

With greater regulatory and legal pressure on Bitcoin likely in the near future, a legal defensee fund appears to be a positive move to safeguard the crypto ecosystem and those trying to improve it.

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The Republic of Palau announced that it has partnered with Cryptic Labs to develop a digital residency programme based on the Root Name System of the latter. On December 22, Palau President Surangel S. Whipps, Jr. signed the Digital Residency Act into law.

“One of the things that we, as a country, wanted to do is diversify our economy and create a financial centre hub…As a small country, that’s challenging. But when you’re moving digitally, that’s easy.” told President Whipps.

According to Cryptic Labs, global citizens can claim digital residence backed by the Republic of Palau utilising the Root Name System. In other words, they can enjoy some of the benefits of residency in the 18,000-strong island nation without really residing there.

It’s a significant plus if you’re a crypto user in a country where trading is prohibited. Cryptic Labs, which began operations in Palo Alto in 2018, claims that their blockchain-based technology enables safe ID verification and access to Know Your Customer (KYC) capabilities, required to use numerous platforms.

The president made it clear that the goal isn’t to get around anti-money laundering or counter-terrorism rules and that KYC requirements would have to be performed every year to keep residency.

Approved applicants will receive a physical and digital resident ID card, the latter of which will be in the form of a non-fungible token (NFT). Cryptic Labs has yet to reveal which blockchain the protocol would employ. Still, it has been stated that the programme’s initial phase will only generate physical IDs, with NFTs following later.

“Hopefully, this digital ID will help also facilitate people to be part of the crypto community.” says the president.

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OpenSea is on track to break a new monthly record for Ethereum NFT trading volume, but the competition is heating up. LooksRare, a hot new rival, has already racked up more than $110 million in trading volume in just over a day.

LooksRare, which launched its own LOOKS coin, aims for OpenSea’s clients. OpenSea users that transacted at least 3 ETH (approximately $9,630 as of today) on the marketplace between June 16 and December 16, 2021, will receive a free airdrop of LOOKS tokens from LooksRare.

It’s a type of launch known as a “vampire assault”, The goal is to entice users away from a popular platform by offering incentives in the form of tokens. SushiSwap started one in 2020 as part of its quest to dethrone Uniswap, the most prominent decentralised exchange, while NFT marketplace Infinite has done the same against OpenSea.

What makes you unique? All fees earned by LooksRare will be paid out to LOOKS holders who stake their tokens in the platform. OpenSea’s 2.5 per cent transaction charge is higher than LookRare’s 2 per cent. LooksRare has promised to distribute 100% of fees in Wrapped Ethereum to LOOKS token holders, whereas Opensea keeps it. Traders who purchase and sell NFTs in qualified, verified collections, which presently include the Bored Ape Yacht Club, Meebits, and others, can earn additional benefits on the marketplace.

Surprisingly, OpenSea’s trade volume dropped yesterday after a recent surge. However, it will be interesting to watch if LooksRare trading volume continues to climb or remains stable in the days and weeks ahead and if OpenSea experiences a decline in engagement.

OpenSea has had some technical issues recently, including an “unacceptable” period of downtime on Sunday, according to CEO Devin Finzer. He stated that OpenSea would hire more engineers and customer support representatives.Despite this, OpenSea, which was recently valued at $13.3 billion, is on course to have its highest month in terms of Ethereum trading volume to date.

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