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A recent report released<\/a> by the United Kingdom\u2019s Law Commission could weaken a central argument brought by Craig Wright in his controversial lawsuit against 12 Bitcoin core developers,\u00a0argues the Bitcoin Legal Defense Fund (BLDF).<\/p>\n In a 300-page report on digital assets\u00a0published<\/a> in late June, the Law Commission \u2014 an independent body that reviews and recommends reforms to U.K. and Whales laws \u2014 cited a classification of fiduciary duty that bolsters the developers\u2019 defense that they are not directly responsible for 111,000 Bitcoin (BTC<\/a>) lost to hackers.<\/p>\n Wright, owner of Tulip Trading, claimed in a 2021 lawsuit that developers involved in the open-source development of Bitcoin Core owed him a fiduciary duty in connection with his loss. In order to recover the allegedly stolen funds, Wright is seeking a back door into the Bitcoin Core blockchain. Wright is also known for claiming he is Bitcoin\u2019s pseudonymous creator<\/a>\u00a0Satoshi Nakamoto.<\/p>\n The bitcoin protocol was set in stone to create a system that is stable. Bitcoin is not a Cryptocurrency. By definition, Cryptocurrencies are anonymous and untraceable. Bitcoin is pseudonymous and traceable, it is digital cash.<\/p>\n Don’t believe everything you see at first sight. pic.twitter.com\/vPt4a0fEEx<\/a><\/p>\n \u2014 Dr Craig S Wright (@Dr_CSWright) May 30, 2023<\/a><\/p><\/blockquote>\n The U.K. report sheds light on the definition of fiduciary duty, claiming that categories of fiduciary recognized by the law include \u201cagents, trustees, partners, company directors, and solicitors.” The report said fiduciary duty rarely exists outside these categories. According to the BLDF, the developers\u2019 legal representative, the defendants do not fit any criteria mentioned by the Commission. <\/p>\n \u201cThey are not agents, trustees, partners, company directors, or solicitors, and they never \u2018undertook or were entrusted with authority to manage the property or make discretionary decisions on behalf of another person,\u2019\u201d BLDF stated<\/a>\u00a0in a recent blog post, adding that \u201cBitcoin was created to facilitate transactions between individuals without the need to entrust any authority to a third party.” <\/p>\n According<\/a> to a definition by the University of Texas, fiduciary duty is the \u201clegal 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.<\/p>\n The Tulip Trading suit could set case law for open-source developers\u2019 liability for assets, with a trial in the case expected to occur in 2024. During the Bitcoin 2023 conference in May, Jessica Jonas, BLDF\u2019s chief legal officer,\u00a0noted that potential legal ramifications of the lawsuit<\/a> could deeply affect the community of open-source developers, as 97% of the world\u2019s software programs are open-sourced. <\/p>\n The U.K. Law Commission report also pushed for the creation<\/a> of a new and distinct category of personal property to accommodate the unique features of digital assets.<\/p>\n\n