Will is be US-based like Mozilla, or will it be somewhere else, like Europe?
A couple of foundations have moved away from the US in recent years, for example the Eclipse Foundation (Belgium) and the RISC-V Foundation (Switzerland).
It seems foundational (if you'd forgive the pun) to know under what laws the foundation will operate, and who (if anybody) will be excluded from taking part in the project because of sanctions regimes.
https://en.wikipedia.org/wiki/Swiss_association
From their registration:
> The purpose of the association is the promotion and development of free or open source hardware and software technologies and applications for use on computer systems with a focus on the development and implementation of a free and open RISC-V instruction set architecture (Instruction Set Architecture, ISA). The association pursues a non-profit and not a financial, self-serving or commercial purpose. For this purpose, the association can, among other things, promote and finance research and development initiatives and other activities and participate in other companies or cooperations that are geared towards the main purpose.