Bitcoin as Free Speech: NYDIG's Bold Constitutional Claim

NYDIG's Executive Chairman has recently published a report asserting that Bitcoin qualifies as free speech protected under the First Amendment of the U.S. Constitution. This claim suggests that any regulatory attempts to control Bitcoin could face significant constitutional challenges.

The report, released on September 25, 2024, argues that Bitcoin should be viewed as a form of expression, akin to software code, which has historically been recognized as speech in legal contexts. The assertion is grounded in the idea that regulating Bitcoin not only impacts its function as a currency but also infringes upon the rights of individuals to express themselves through this digital medium.

In the report, NYDIG emphasizes that regulators have not adequately considered these First Amendment implications when implementing policies targeting cryptocurrencies. 

The argument draws on a long-standing legal precedent that recognizes software and code as forms of protected speech, dating back to notable cases in the late 1990s.

Legal experts have noted that while some aspects of cryptocurrency can be regulated due to their functional nature—such as their use in financial transactions—regulating them purely for their expressive content raises constitutional concerns. As Bitcoin continues to gain traction and provoke regulatory scrutiny, this report may influence ongoing debates about the legal status and treatment of cryptocurrencies in the U.S. financial landscape.