UK Law Commission Report Challenges Craig Wright’s Lawsuit Against Bitcoin Developers

Craig Wright’s Controversial Lawsuit Against Bitcoin Core Developers

The Bitcoin Legal Defense Fund (BLDF) recently argued that a report released by the United Kingdom Law Commission could weaken a central argument made by Craig Wright in his lawsuit against 12 Bitcoin core developers. The 300-page report on digital assets discussed the definition of fiduciary duty and stated that it rarely exists outside of certain categories, such as agents, trustees, partners, company directors, and solicitors. Wright is seeking a backdoor into the Bitcoin Core blockchain in order to recover 111,000 Bitcoin (BTC) that he claims were lost to hackers, and he is claiming that the developers owe him a fiduciary duty. However, the BLDF claims that the defendants do not fit in any of the categories mentioned by the Commission.

The U.K. report provides insight into web 3.0 definition and examples, and the implications of the best crypto websites and best crypto on the blockchain web 3.0. It also raises questions about when will web 3.0 be released and what is web 3.0 examples. The report is likely to have a significant impact on the recent crypto landscape.

What is Web 3.0?

“They are not agents, trustees, partners, company directors, or solicitors, and they never ‘undertook or were entrusted with authority to manage the property or make discretionary decisions on behalf of another person’,” BLDF statedin a recent blog post, adding that “Bitcoin was created to facilitate transactions between individuals without the need to entrust any authority to a third party.”

According to a definition by the University of Texas, fiduciary duty is the “legal responsibility to act solely in the best interest of another party.” Common examples of fiduciary duties include undivided loyalty, due diligence, full disclosure of conflicts of interest, and confidentiality.

The Tulip Trading suit could set a case law for open-source developers’ liability for assets, with a trial in the case expected to occur in 2024. During the Bitcoin 2023 conference in May, Jessica Jonas, BLDF’s chief legal officer,noted that potential legal ramifications of the lawsuit could deeply affect the community of open-source developers, as 97% of the world’s software programs are open-sourced.

Web 3.0 Examples and Blockchain

The UK Law Commission report also pushed for the creation of a new and distinct category of personal property to accommodate the unique features of digital assets. Web 3.0, also known as the third generation of the internet, is an umbrella term for a set of emerging technologies intersecting cryptocurrencies, blockchains, and distributed systems that, together, extend the capabilities of the web we use today in important and meaningful ways. Web 3.0 is a vision of a fully decentralized web, where users have true ownership and control of their data, and where applications can interact with each other directly, without the need for third-party intermediaries.

The best crypto websites, such as Coinbase, offer a wide range of services, from buying and selling cryptocurrencies to storing them securely. Additionally, Coinbase offers advanced features, such as staking, that allow users to earn rewards for holding certain digital assets. The recent crypto space has seen the emergence of Web 3.0 blockchain-based applications, such as decentralized finance (DeFi) protocols, which allow users to access financial services without the need for a centralized authority.

As Web 3.0 becomes more popular, the question arises: when will Web 3.0 be released? While it is impossible to predict the exact date, it is clear that Web 3.0 is already here and the technology is being actively developed and adopted by the community.