When I was working on Babel the (then) jQuery Foundation reached out seeing if we would be interested in becoming a foundation project. At the time we didn't see any value. The biggest benefit mentioned was "legal stuff" ie. CLA etc, which didn't seem awfully useful for us.
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Especially when it comes to projects that I've historically worked on, where for a short amount of time, I'm at the top. What if I doing something wrong? Nobody will report a violation from myself, to me.
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he/him 