Minutes of The Bitcoin Foundation Board Meeting held on Sept 18, 2018

Present:

Brock Pierce (Chairman)

Bruce Fenton

Llew Claasen (Executive Director)

Michael Perklin

Vinny Lingham

Absent:

Bobby Lee

Approval of the agenda

The agenda for the meeting was approved by the Board.

Approval of the minutes

The minutes of the meeting held on August 21, 2018 were approved by all present.

Financial update – July 2018

  • August revenue included Membership contributions of $946. There were 6 new members.
  • Operating expenses for the period were $8,002 which is significantly higher than the prior month because of Singapore & London conference flight & accommodation expenses. This expense was before a loss in BTC value of $441.82 and a loss in ETH value of $23,980.17
  • The net deficit for the period was $31,477.51
  • 08/31/18 Bitcoin Balance was 0.5188 coins equating to $3,640.24
  • 08/31/18 ETH Balance was 158.9459 Ether equating to $44,981.69
  • August BPI high was $7,603.75 with a low of $6143.30
  • Total Cash assets including BTC, ETH and USD were $56,976.47 at 08/31/18.

Operational update – July 2018

Foundation Funding

An announcement regarding the $200k funding commitment received from Brock and Vinny went out to media on August 28. The announcement received limited coverage, but the positive sign was, there was no negative response on platforms like Twitter. The Foundation will use some on the funds for PR support and the PR tool mentioned in the previous meeting called Meltwater.

We expect that the increased PR will lead to direct increases in membership contributions and member numbers for the Foundation. The talks that Llew makes on behalf of the Foundation have been well received, especially in Asia and Europe. We hope that the PR will increase awareness of our and invitations for the Foundation to attend and participate in future conferences. The Foundation’s ability to execute on the plan will increase dramatically once the price of Ethereum recovers.

Foundation Operations

Llew had found a part-time candidate who he expects to bring on board to provide support as an operations manager. The candidate is based in Florida and has extensive knowledge of cryptocurrency. The Foundation will use this resource to start setting up local chapters in Canada and Australia, as well as hosting cryptocurrency seminars. Llew will introduce the candidate to the board once the contract has been finalised.

Director appointments

The board nominations committee was unfortunately unable to meet since the last board meeting to come up with the final shortlist. The nominations committee expects to meet before the next board meeting to prepare a final list to propose to the board.

Other matters

France Legislation BitLicense

The Foundation recently received information about French legislation that is being drafted that has been modelled after the BitLicense of New York. It is an outcome of a trip by French legislators who had gone to New York to engage with the NYDFS and decided that a similar approach would enable greater regulatory certainty. The Foundation has appointed legal counsel in France to engage with French legislators in opposition to the draft bill, as this template would lead to the outcomes as in New York. The Foundation will reach out to French Bitcoin groups to get their support and raise funds for legal fees.

Chamber of Digital Commerce

Llew had a very constructive conversation with Perry-Anne from Chamber of Digital Commerce at a recent event. Issues discussed included the possibility of the Foundation becoming a member of the Chamber of Digital Commerce as a legislative monitoring service. It appeared that although it didn’t appear to the case at first, the Foundation & the Chamber are philosophically not very far apart in its views on regulations.  Another way that the Foundation could be useful to the industry would be if it informally played the role of custodian of the history of Bitcoin. This would include details on the early days of Satoshi and how the Bitcoin protocol has changed over time.

Llew’s trip to Singapore

Llew was in Singapore to attend the Cumberland Crypto Influencers Summit. Llew was heartened by a number of positive engagements and how welcoming and eager many attendees were to work with the Foundation. There is so much potential in Asia and Europe and Llew hopes that with the new PR person will be able to create more awareness on the work being done by the Foundation, including outside the US.

Jim Newsome

Llew had a chat with Jim Newsome, who is the ex-chairman of the CFTC and now runs a regulatory consulting firm called Delta Strategy in Washington, DC. Llew suggested it would be good for the Foundation to work with Jim, as he is well connected in the financial services industry circles in DC. Jim also does a lot for work with the Chamber of Digital Commerce. Jim has been in the financial services regulation space for a long time and appears to be philosophically aligned the Foundation’s light-to-no new regulation approach.

There being no further items to discuss, the meeting was adjourned.

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09.18.18 Minutes of Regular Meeting of the Board of Directors of The Bitcoin Foundation