Coin Center report: Publishing software code is free speech and should be protected by the First Amendment

Crypto research and advocacy organization Coin Center released a report on April 20, 2026 (Monday), arguing that writing and publishing cryptocurrency software code is speech protected by the First Amendment of the U.S. Constitution, and proposing a legal framework to distinguish protected software publishing conduct from developer conduct that should be regulated.

Coin Center Report’s Core Argument: The Distinction Between Speech and Conduct

According to a report Coin Center published on Monday, Van Valkenburgh and Pieper argue that developers who only publish and maintain software—similar to book authors or recipe publishers—should receive strong constitutional protection under the First Amendment. The report states: “They are speakers and inventors, not agents, custodians, or trustees. Extending prior registration or licensing requirements to this kind of speech activity contradicts the historical logic of financial regulation and imposes the typical prior restraint on activities that are primarily speech and expression—one that is almost always unconstitutional.”

The report also points out that the “functional code theory” developed by lower courts—which holds that because software can be executed to produce real-world effects it is more like “conduct” than “speech”—undermines First Amendment protections and finds that this theory departs from established precedent of the U.S. Supreme Court.

Defining Protected and Regulated Developer Conduct

According to Coin Center’s report, Van Valkenburgh and Pieper propose the following distinguishing framework:

Protected by the First Amendment: publishing and maintaining software code (speech and expressive activity)

Conduct that should be regulated: developers directly control users’ assets, execute transactions on behalf of users, or make decisions on users’ behalf

Coin Center cites the U.S. Supreme Court’s 1985 case “Lowe v. the U.S. Securities and Exchange Commission (SEC)” as support. The case ruled that a publisher who does not represent clients holding assets or taking action on their behalf does not receive First Amendment protection, and is not among the people engaged in regulated professions.

Legal Background: Recent Developer Conviction Cases

According to public legal records, Roman Storm, a developer of Tornado Cash, was convicted last year (2025) for conspiracy to operate an unlicensed remittance business. His lawyer is currently preparing a motion to dismiss the charges, citing the U.S. Supreme Court case “Cox Communications, Inc. v. Sony Music Entertainment Inc.,” arguing that Storm had no intent to participate in the alleged crimes. The co-founder of privacy-focused Bitcoin wallet Samourai Wallet, too, was found guilty on the same charge and sentenced to four to five years in prison.

Frequently Asked Questions

What is the core claim of the Coin Center report?

According to the report Coin Center released on April 20, 2026, Peter Van Valkenburgh and Lizandro Pieper argue that publishing and maintaining software code is speech protected by the First Amendment. In this role, developers are “speakers and inventors,” not agents or trustees, and should not bear financial regulatory obligations.

How does Coin Center distinguish protected from regulated developer conduct?

According to Coin Center’s report, conduct protected by the First Amendment includes publishing and maintaining software. When developers directly control users’ assets, execute transactions on behalf of users, or make decisions on their behalf, their conduct is considered conduct that should be regulated.

Which U.S. Supreme Court precedent does the Coin Center report cite as support?

According to Coin Center’s report, the authors cite the 1985 U.S. Supreme Court case “Lowe v. SEC.” That case held that a publisher who does not represent clients holding assets or taking action does not receive First Amendment protection, and is not among the people engaged in regulated professions.