"Software Is Speech" — The Legal Argument That Could Shield Crypto Developers From Regulation. Here's Why It Matters
113d ago · 1 source
Coin Center has published a legal analysis arguing that regulators cannot impose intermediary obligations on decentralized software developers because code is protected speech under the First Amendment. The piece contends that attempting to create regulatory middlemen where none naturally exist in decentralized protocols is both legally and practically flawed. The argument builds on longstanding legal precedent that software code constitutes a form of expression.
WHY IT MATTERS
Imagine someone writes a recipe for a cake. Should the recipe writer be held responsible if someone uses that recipe to bake a cake for an illegal purpose? That's essentially the argument being made here, but about software code. In crypto, many tools — like decentralized exchanges — are just open-source code that anyone can use. Regulators want to treat the people who write that code like banks, requiring them to verify users' identities and monitor transactions. But advocates argue that writing code is a form of free speech, just like writing a book or a recipe, and the government can't force you to add surveillance features to your speech. This debate will determine whether crypto developers can keep building open tools or whether they'll be forced to act like traditional financial companies.
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Educational only — not financial advice.