Minutes of The Bitcoin Foundation Board Meeting held on July 18, 2017

Present:

Llew Claasen (Executive Director)

Bruce Fenton

Vinny Lingham

Elizabeth McCauley

Michael Perklin

Francis Pouliot (Bruce Fenton acting as proxy)

 Absent:

Brock Pierce (Chairperson)

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 May 20, 2017, were approved by all present.

June 2017 financial update

June income was $685 in membership contributions including 8 new members.

The most significant operating expenses included $685 for the preparation of monthly financial accounts and the time of the marketing manager. An additional $2,000 stipend was provided for the ED but not paid out.

06/30/17 Bitcoin Balance was 0.092 coins equating to $232.88 following conversion of some of the BTC to USD

June BPI high was $3,018.54 with a low of $2,456.92

Total Cash assets including BTC and USD were $2,232.30 at 06/30/17

June 2017 operational update

Developer event series

Llew is working with Bitcoin representatives to host a 100-person conference & hackathon protocol developer event in San Francisco. The event series has been named “DevelopBitcoin” – .com & other TLDs were registered. Preliminary event dates are September 8+9. We’re looking for about $15,000 in sponsorships, final budget pending. Cointelegraph interested in being media partner for the global event series.

Universal Law Commission

The Foundation & Theo Chino’s attorney sent a letter to the Universal Law Commission on July 14 asking them not to pass draft cryptocurrency legislation as it’s premature. Jerry Brito from Coin Center was not happy that the Foundation was opposing the ULC legislation & approached foundation board members to discuss our opposition. Llew & Jerry have exchanged emails & are looking to schedule a call later this week to discuss further.

Elizabeth reiterated that we represent individual Bitcoin users, which may put us at odds with other advocacy groups.

Michael suggested that Coin Center had put a lot of work into the ULC regulation and that both organizations were trying to achieve the same thing – widespread adoption of Bitcoin & blockchain technology. Michael suggested that we keep an open dialogue going with Coin Center,

The board agreed that Llew should request of Jerry that we withdraw the legislation at the ULC and that the committee not vote on approving the model act at this time. If the Foundation & Coin Center can’t agree on this legislation, then we should not push it forward & instead ask to have it withheld from voting at this meeting of the ULC. Board even in favour of speaking with 6 members that the ULC recommendation would be sent to.

A letter should be sent to Coin Center and other large organizations in our space, where we clarify our position on the ULC legislation draft, by focusing on facts.

Llew should also prepare a blog post explaining the key differences between the positions of the Foundation & the ULC model act.

Pro-bono legal work

Llew had a call with a commercial attorney from a large international law firm who’s very keen to do pro-bono work for the foundation & may be able to bring specialist attorneys from other areas to assist as well. This would be a major boon. The attorney is going through internal processes to get the pro-bono work approved & is expected to feedback within a week or two.

Elizabeth asked if we could request that they consent to us putting out a press release about their appointment as counsel to the Foundation.

Any other matters

Michael asked that he be included in future discussions with Blockchain Academy about the creation of the training materials, as he also had to represent the interests of C4, which was expected to certify the curriculum.

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

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