A recent report by the UK Law Commission may undercut the central argument made by Craig Wright in his controversial lawsuit against 12 Bitcoin Core developers, debate Bitcoin Legal Defense Fund (BLDF).
In a 300-page report on digital assets published In late June, the U.K. Law Commission — an independent body that reviews and recommends reforms to U.K. and whale law — cited a fiduciary duty classification that bolsters the developers’ defense that they are responsible for 111,000 Bitcoin (BTC ) is not directly responsible for the loss. hacker.
Wright, the owner of Tulip Trading, claimed in a 2021 lawsuit that developers involved in the open-source development of Bitcoin Core had a fiduciary responsibility for his losses. In order to recover the allegedly stolen funds, Wright is looking for a backdoor into the Bitcoin Core blockchain. Wright is also known for claiming to be the pseudonymous creator of Bitcoin, Satoshi Nakamoto.
The Bitcoin protocol was designed to create a stable system. Bitcoin is not a cryptocurrency. By definition, cryptocurrencies are anonymous and untraceable. Bitcoin is anonymous, traceable, and it is digital cash.
Don’t believe everything you see at first sight. pic.twitter.com/vPt4a0fEEx
— Dr. Craig S. Wright (@Dr_CSWright) May 30, 2023
The UK report clarifies the definition of fiduciary duty, claiming that the legally recognized categories of trusts include “agents, trustees, partners, company directors and solicitors”. Fiduciary duties rarely exist outside of these categories, the report said. According to BLDF, the developer’s legal representative, the accused did not meet any of the criteria mentioned by the committee.
“They are not agents, trustees, partners, company directors or lawyers, and they have never ‘undertaken or been authorized to administer property or exercise discretion on behalf of others’,” BLDF pointed out In a recent blog post, he added that “Bitcoin was created to facilitate transactions between individuals without delegating any power to a third party.”
according to A fiduciary duty, as defined by the University of Texas, is “a legal duty to act only in the best interest of another party.” Common examples of fiduciary duties include wholehearted loyalty, due diligence, full disclosure of conflicts of interest, and confidentiality.
The Tulip Trading lawsuit, which is expected to go to trial in 2024, is likely to establish case law for liability of open source developers’ assets. At the Bitcoin 2023 conference in May, BLDF Chief Legal Officer Jessica Jonas pointed out the potential legal ramifications of the lawsuit could have a profound impact on the open source developer community as 97% of the world’s % of software programs are open source.
The UK Law Commission report also pushed for the creation of a new, distinct class of personal property to accommodate the unique features of digital assets.
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