Bitcoin Foundation

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The Bitcoin Foundation is an American nonprofit corporation. It was founded in September 2012 with the stated mission to "standardize, protect and promote the use of Bitcoin cryptographic money for the benefit of users worldwide."[1] The organization was modeled on the Linux Foundation and is funded mainly through grants made by for-profit companies that depend on the Bitcoin technology.[2] The Foundation and its leadership have been criticized by the media.[3]


The Bitcoin Foundation was announced on September 27, 2012.[4]

According to its founding documents, the Bitcoin Foundation's original members included Gavin Andresen, Charlie Shrem, Mark Karpelès, Peter Vessenes, Roger Ver, and Patrick Murck. Current board members are divided into one of three categories: Founding Members, Industry Members, and Individual Members. The board is made up of a combination of elected members of the aforementioned categories. Gavin Andresen is employed by the foundation as "chief scientist."[2]

California DFI error

In June 2013, the California Department of Financial Institutions had erroneously considered the Bitcoin Foundation to be a money transmitter and sent them a letter requesting that they "cease and desist from conducting the business of money transmission in this state,"[5] which prompted a detailed response to the regulators.[6] The California DFI dissolved several days later.[7]

United States Senate assessment

In November 2013, Patrick Murck, general counsel of the Bitcoin Foundation, testified before a United States Senate committee convened to assess digital currencies, at which the reception of Bitcoin by lawmakers was generally positive.[8]

External Links


  1. Matonis, Jon (27 September 2012). "Bitcoin Foundation launches to drive bitcoin's advancement". Forbes.
  2. 2.0 2.1 Bustillos, Maria (2 April 2013). "The bitcoin boom". The New Yorker. Retrieved 30 December 2013.
  3. Neal, Meghan (12 May 2014). "Bitcoin is Hiring Lobbyists". Retrieved 16 May 2014.
  4. BitcoinTalk thread 113400. [ANN Bitcoin Foundation] 27 September 2012.
  5. McMillan, Robert (24 June 2013). "California says the Bitcoin Foundation is a money-transferrer". Wired. Retrieved 31 December 2013.
  6. Spaven, Emily (3 July 2013). "Bitcoin Foundation issues response to cease and desist warning". CoinDesk. Retrieved 31 December 2013.
  7. "About Us". California Department of Business Oversight. Retrieved 15 March 2014.
  8. Lee, Timothy (23 November 2013). "For Bitcoin, a successful charm offensive on the Hill". Washington Post. Retrieved 24 November 2013.