Minutes of The Bitcoin Foundation Board Meeting held on May 16, 2017

Present:

Llew Claasen (Executive Director)

Brock Pierce (Chairman)

Bruce Fenton

Elizabeth McCauley

Michael Perklin

Absent:

Bobby Lee

Vinny Lingham

Francis Pouliot

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 April 18, 2017 were approved by all present.

April 2017 financial update

Revenue from any sources included $600 in new membership revenue. The Foundation had $1,189 in USD and BTC at the end of April 2017. Operating expenses were $4,174, which consisted of costs associated with moving the financial accounting function to a new controller and setting it up in Xero (~$1,000), time spent by a marketing manager to deliver the new website and setting up Slack & Mailchimp (~$600), as well as the accrual of a $2,000 stipend for the ED.

April 2017 operational update

The foundation continued to raise the profile of Theo Chino vs NYDFS (BitLicense) in social media and in a new article featured in Cointelegraph. We’ve now raised ~$1,100 for Theo’s legal fund. This is low, we think because Bitcoiners outside of NY do not believe that BitLicense is a problem that affects them. We’ve compared Bitlicense and the most recent draft of the Uniform Laws Commission proposal on Virtual Currency Businesses and can confirm that almost all US states (~45) are likely to adopt a variation on the fundamentally flawed BitLicense. Money transmission regulations and the definition of Bitcoin in the draft regulation is most problematic. Our work with Theo Chino continues and new effort will go into comparing the ULC draft to more enlightened regulations in Singapore, for upcoming PR purposes. Our position on BitLicense and the ULC regulation draft is likely to place us at odds with Coin Center’s position. 


A new marketing manager has started and will contribute about 5-10 hours per week to foundation marketing programs. A campaign plan for member acquisition, retention and Bitcoin advocacy has been prepared & allocated a provisional self-funding budget of $10k for 3 months. These programs will kick-off shortly as the new resource has been with us for less than a week. 


The ED will attend Consensus 2017 & Token Summit in NY from May 22-25.

Any other matters

Brock & Bruce asked Llew to investigate scheduling a breakfast event next week in New York. We should invite the community to have breakfast with board members of Bitcoin Foundation next week and charge approximately $100 per person. Llew to investigate & provide feedback on how likely this is in the next day or so. If this is not feasible, the Board members should at least get together for a breakfast in New York.

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

xxxxxxxxxxx

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