Bitcoin Foundation
| File:Bitcoin Foundation logo.png | |
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| Formation | September 2012 |
|---|---|
| Registration no. | 46-1671796 |
| Legal status | 501(c)(6) tax-exempt organization (revoked)[1] |
| Headquarters | Washington, D.C., U.S. |
The Bitcoin Foundation was an American organization formerly registered as a nonprofit corporation.[2][1]
It was founded in September 2012 to help restore the reputation of Bitcoin after several scandals and to promote its development and adoption.[3] The organization was modeled on the Linux Foundation and funded primarily through grants made by bitcoin-dependent companies.[4]
History
[edit | edit source]The foundation was established after Bitcoin had gained a reputation for criminality and fraud.[3] The founding chairman was Peter Vessenes.[3]
Former lead Bitcoin developer Gavin Andresen was hired as chief scientist.[4]
In June 2013, the foundation received a letter from the California Department of Financial Institutions ordering it to cease operating as an unlicensed money transmitter.[5]
In November 2013, general counsel Patrick Murck testified before a U.S. Senate committee on digital currencies, receiving a generally positive reception from lawmakers.[6]
2014 scandals and resignations
[edit | edit source]In January 2014, vice-chairman Charlie Shrem was arrested for aiding an unlicensed money-transmitting business linked to the Silk Road marketplace. He resigned and later pled guilty.[7][8][9]
In February 2014, Mark Karpelès, CEO of Mt. Gox, resigned after the exchange lost 750,000 customer bitcoins and went bankrupt. Executive chairman Peter Vessenes’ business ties to Karpelès were criticized.[10]
In March 2014, the foundation hired Jim Harper of the Cato Institute as global policy counsel and retained Amy Weiss as a media consultant.[11]
In July 2014, the foundation hired Thorsen French Advocacy as a lobbying firm.[12] Libertarian Bitcoin activists criticized the organization’s increasing political engagement.[13]
Board turmoil
[edit | edit source]In May 2014, Bobby Lee (BTCC) and venture capitalist Brock Pierce were appointed to the board.[14]
Ten members resigned due to longstanding allegations against Pierce.[15] Another nine resigned after the May elections, citing dissatisfaction with the foundation’s direction.[16]
Financial collapse and leadership changes
[edit | edit source]In April 2015, Bruce Fenton became executive director.[17] He was succeeded by Llew Claasen in July 2016.[18]
In July 2015, Olivier Janssens publicly revealed that the foundation was nearly insolvent, leading to staff layoffs.[19]
Revocation of tax-exempt status
[edit | edit source]The Bitcoin Foundation’s 501(c)(6) status was officially revoked by the IRS on 15 May 2022.[1][20][21][22][23]
References
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- ^ Jerving, Sara (6 September 2014). "Bitcoin Promoter Charles Shrem Pleads Guilty". The Wall Street Journal.
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External links
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