Coin Center Argues Crypto Code Is Protected First Amendment Speech

Coin Center says crypto developers should not face criminal liability for “publishing” functional software code, arguing it is protected as First Amendment speech. In a Monday report, Peter Van Valkenburgh and Lizandro Pieper compare writing and releasing crypto code to publishing a book or recipe. They warn that requiring licensing, “pre-registration,” or other permissioning for software publication would amount to prior restraint and violate First Amendment principles. The report also draws a line for regulators: writing and maintaining code is protected speech, but developers can cross into regulatable conduct if they directly control user assets, execute transactions for users, or make decisions on users’ behalf. Coin Center cites Supreme Court precedent such as Lowe v. SEC and argues lower courts have confused software “speech” with “conduct” because code can produce real-world effects. The argument comes amid recent high-profile convictions, including Tornado Cash developer Roman Storm on unlicensed money-transmitting charges, with co-founders of Samourai Wallet also convicted and sentenced to prison terms. Coin Center’s framing aims to give courts and regulators a clearer framework so developers are not treated as scapegoats for how others use software. For traders, the key takeaway is regulatory risk could shift from “software publication” toward “operator-like control,” potentially reducing uncertainty around open-source and developer publishing—though specific cases will still depend on facts and jurisdiction.