I wanted to ask the community's thoughts on submitting a proposal for Trac
  to become a member of the Software Freedom Conservancy. [0]

(I'm only a user, list lurker, occasional ranter, and very occasional
provider of plugin patches, but,)

I think trac joining SFC would be a good thing.  SFC indeed has a good
reputation, and exists to provide umbrella 501(c)3 benefits to member
projects without imposing significant constraints on how the project
operates beyond insisting that it's actually a free software project.

In particular, SFC won't insist on a particular license, a particular
version-control tool, particular hosting, CLAs, etc.

But, one item is perhaps confusing:

  I wanted to see if any reputable foundation existed that could hold
  Trac's copyright without imposing any changes on Trac's existing
  license, development infrastructure, and governance.


There are basically 3 approaches here:

  custodian organization holds copyright, with formal assignment
  (e.g. emacs in FSF)

  custodian organization has a formal CLA, and while
  individuals/companies that produce code retain copyright, there is a
  formal grant of permission to license

  inbound=outbound: there is no formal CLA but there's a policy, perhaps
  formal, that states that all code contributions are made under the
  existing license.

I have the impression trac operates in the third mode, but it's not
clear.

That said, edgewall could assign any copyrights it does hold to SFC.

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