Coin Center, a cryptocurrency advocacy group, has reiterated its stance that software code is protected speech under the First Amendment of the U.S. Constitution. In a recent report, Executive Director Peter Van Valkenburgh and Research Director Lizandro Pieper argue that writing and publishing cryptocurrency software code is akin to writing a book, thus deserving constitutional protection. They emphasize that developers should not be held liable for how their software is used, as they are creators, not custodians or agents.The report addresses the legal challenges faced by crypto developers, such as those involved in the Tornado Cash case, where developers were convicted due to the misuse of their software. Coin Center's report aims to clarify the distinction between protected software distribution and regulable activities, such as when developers control user assets or execute transactions. The authors criticize the "functional code theory," which treats software as conduct rather than speech, and call for the application of established First Amendment principles to modern technological contexts.