In a recent report titled Bitcoin’s Protection under the First Amendment, Ross Stevens, the founder of NYDIG, argues that Bitcoin qualifies as “speech” under U.S. constitutional law.
According to the report, Bitcoin’s decentralized structure and the freedom it provides from government-controlled money make it an inherently political tool. Stevens suggests that Bitcoin’s core functions, such as transactions and mining, represent communicative acts protected by the First Amendment.
He contends that using and mining Bitcoin are forms of “expressive conduct,” comparable to other symbolic forms of protest that have been legally recognized, like wearing armbands or burning flags.
The report highlights that Bitcoin’s network operates through constant communication, where users transmit transactions and miners validate them, creating a shared digital space infused with expressive content.
Bitcoin’s ledger now even includes “inscriptions” with personal, political, and artistic messages, further cementing its communicative role.
Stevens argues that regulating Bitcoin, especially in cases like New York’s mining moratorium, should be scrutinized for its constitutional impact, as such regulations may infringe on Bitcoin’s function as free speech.
Prominent figures in the Bitcoin space, including Michael Saylor and lawyer Justin Wales, have voiced support for Stevens’ stance.
This view challenges typical regulatory perspectives, suggesting that treating Bitcoin merely as a commodity or financial instrument overlooks its communicative and political dimensions.
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