Satoshi Lawsuit: Bitcoin Policy Institute Moves to Dismiss ‘Noah Doe’ Case Over Satoshi’s Coins

The Bitcoin Policy Institute (BPI) has filed to intervene as a defendant in the Satoshi lawsuit, in which the plaintiff is seeking legal ownership of the Bitcoin creator’s coins. The crypto group has outlined its arguments and is effectively seeking to dismiss the case for lack of merit.

Bitcoin Policy Institute Files To Intervene In Satoshi Lawsuit

In an X post, the crypto group revealed that it has filed to intervene as a defendant in the New York lawsuit, alleging that self-custodied bitcoin held for more than five years can be claimed by anyone who simply downloads your public address under New York’s Lost and Found Property law. “Our intervention serves to protect BPI’s bitcoin, which we hold long-term like so many other bitcoin HODLers,” BPI added.

As CoinGape earlier reported, the Bitcoin lawsuit involves up to 3.8 million dormant BTC, including Satoshi’s coins. The BPI filing comes just days ahead of the July 14 hearing in the Satoshi lawsuit, which could grant the plaintiffs, Noah Doe and Wyoming-based companies ABC Company and XYZ Company, ownership of these coins.

BPI joins Digital Chamber and Ian Cohen, who have filed amicus briefs in the case challenging the plaintiffs’ legal theories. White & Case is notably representing BPI in the case.

BPI’s Arguments Are More Extensive

Alex Thorn, Galaxy Digital’s Head of Research, noted in an X post that BPI’s arguments in the Satoshi lawsuit go further than anyone. “BPI is moving to intervene as a full defendant with a proposed answer, 15 affirmative defenses, and a planned motion to dismiss,” he said.

Thorn further noted that BPI argues it has standing to bring the motion because it self-custodies a long-term reserve that it plans to hold indefinitely, which is essentially along the lines of the plaintiffs’ theory. As such, if the plaintiffs can lay claim to Satoshi’s coins, BPI’s coins could be next,

The Galaxy Digital executive added that BPI’s case makes it clear that not selling your coins for five years isn’t abandonment but rather holding. “This is the fight that matters. If Noah Doe’s theory works, it’s a template to strip title from every long-term self-custodian,” he noted.

For more information on crypto custody, please check our page on Custodial vs Non-Custodial Crypto Cards Explained