Coin Center is doubling down on a core argument in crypto policy debates: writing and publishing code should be treated as free speech under the US Constitution.

The position comes as developers face growing legal uncertainty over whether they can be held responsible for how their software is used.

Code as Speech, Not a Financial Service

In a new report, Coin Center leaders Peter Van Valkenburgh and Lizandro Pieper argued that publishing software is fundamentally an act of expression.

They compared writing code to:

• Writing a book
• Publishing a recipe
• Sharing ideas publicly

Under this view, developers are speakers and inventors, not financial intermediaries.

First Amendment Protections at Stake

The argument centers on the First Amendment, which protects freedom of speech.

Coin Center warns that requiring developers to register, license, or restrict their code could amount to “prior restraint”, a legal concept that is typically unconstitutional.

Their position is clear:
Code should not be regulated like a financial service if it is merely published.

When Regulation Might Apply

The report draws an important distinction.

Developers may fall under regulation if they:

• Control user funds
• Execute transactions on behalf of users
• Act as intermediaries or custodians

But simply writing and releasing code should remain protected.

Legal Uncertainty After High-Profile Cases

The debate has intensified following prosecutions of crypto developers, including:

• Roman Storm
• Developers behind Samourai Wallet

These cases raised concerns that developers could be held criminally liable for how others use their software.

Courts Struggling With “Code vs Conduct”

Some lower courts have argued that because software can produce real-world effects, it resembles conduct rather than speech.

Coin Center rejects this view, calling it a misinterpretation of existing legal precedent.

The report cites the Lowe v. SEC decision, which found that publishing financial information without managing client assets is protected speech.

Broader Implications for Crypto Innovation

At the heart of the debate is how to regulate decentralized systems that remove intermediaries.

Crypto technology allows:

• Peer-to-peer transactions
• Self-custody of assets
• Reduced reliance on traditional financial institutions

Coin Center argues that labeling developers as intermediaries for convenience risks stifling innovation.

A Defining Issue for the Industry

The outcome of this debate could shape the future of crypto development in the US.

If courts side with Coin Center’s view:

• Developers gain stronger legal protection
• Open-source innovation may accelerate

If not:

• Developers could face increased legal risk
• Regulatory pressure on software creators could intensify

“Speech Cannot Be Licensed Into Silence”

Coin Center’s message is ultimately philosophical as much as legal.

In a world where software underpins economic activity, they argue that protecting code as speech is essential to preserving freedom and innovation.

A New York lawmaker has introduced a proposal aimed at preparing Americans for the economic impact of artificial intelligence, including the possibility of widespread job displacement.

A New “AI Dividend” Concept

Alex Bores unveiled a plan to create an “AI Dividend,” a system that would provide direct payments to US citizens if automation significantly reduces employment.

The idea is simple in principle: if AI drives massive productivity gains and concentrates wealth, a portion of that value should be redistributed to the public.

How the Program Would Work

The proposed dividend would be funded through a mix of mechanisms, including:

• Taxes on AI usage
• Equity stakes in major AI companies
• Broader tax reforms targeting capital versus labor

Payments would only be triggered if AI begins to meaningfully displace workers, positioning the program as a safeguard rather than a permanent entitlement.

Beyond Direct Payments

The plan also includes funding for:

• Workforce retraining and education
• Transition support for displaced workers
• Oversight and safety infrastructure for AI systems

This broader approach aims to help workers adapt rather than rely solely on financial assistance.

Rising Concerns Over AI Job Losses

The proposal comes amid growing debate about AI’s impact on employment.

Some estimates suggest automation is already affecting the labor market, with thousands of jobs reportedly lost each month due to AI-driven efficiencies.

Major companies like Amazon, Meta, Intel, and Microsoft have all reduced workforces while increasing investment in AI.

Not Everyone Agrees on the Risk

Despite these concerns, some analysts argue the threat may be overstated.

Morgan Stanley recently noted that AI’s impact on jobs has been “modest so far,” pointing out that past technological shifts often created new roles even as they eliminated others.

However, there is still uncertainty about whether AI could break from historical patterns.

Political and Economic Implications

The AI Dividend is part of Bores’ campaign platform as he runs for Congress, meaning its future depends on both political support and broader legislative momentum.

If adopted, it could mark a major shift in how governments:

• Tax emerging technologies
• Distribute economic gains
• Address automation-driven inequality

A Safety Net for the AI Era

Bores framed the initiative not as a penalty on innovation, but as a form of economic insurance.

The proposal reflects a growing recognition that as AI reshapes industries, policymakers may need new tools to ensure the benefits are shared more broadly across society.

Bybit is doubling down on Southeast Asia, leading an $8 million Series A funding round for Hata, a fast-growing digital asset platform operating under a dual licensing structure in Malaysia.

Backing a Fully Licensed Crypto Platform

Hata stands out as a dual-licensed exchange, operating under approvals from:

• Securities Commission Malaysia
• Labuan Financial Services Authority

This regulatory positioning allows Hata to offer both trading and custody services, giving it a strong compliance edge in a region where regulation is rapidly evolving.

Funding to Fuel Growth

The new capital will be used to:

• Improve platform liquidity
• Expand its user base
• Develop new digital asset products

Bybit also participated in Hata’s earlier $4.2 million seed round, signaling continued confidence in the platform’s growth trajectory.

Strong Early Traction

Since launching in 2023, Hata has already shown solid momentum:

• 209,000+ registered users
• حوالي $225 million in transaction volume in 2025

This growth highlights rising crypto adoption in Malaysia and the broader Southeast Asian market.

Malaysia Emerging as a Crypto Hub

Bybit CEO Ben Zhou described Malaysia as a strategically important market, citing:

• High digital engagement
• Growing interest in crypto assets
• Long-term adoption potential

Malaysia is positioning itself as a regional leader in regulated digital asset innovation.

Regulatory Momentum Builds

The investment comes as Malaysia accelerates its crypto and fintech framework.

Key initiatives include:

• A Digital Asset Innovation Hub sandbox
• Experiments with ringgit-backed stablecoins
• Pilot programs for tokenized deposits and cross-border payments

The central bank, Bank Negara Malaysia, is actively working with industry players to shape the future of digital finance.

Bybit Expands Global Footprint

Beyond Southeast Asia, Bybit is also growing its presence in other regions, including the Middle East, where it is building partnerships with banks and payment providers.

This latest investment reflects Bybit’s strategy of supporting regulated platforms in high-growth markets.

A Step Toward Mainstream Adoption

By backing Hata, Bybit is helping strengthen compliant crypto infrastructure in Malaysia.

As regulatory clarity improves and adoption rises, platforms like Hata could play a key role in bridging traditional finance with digital assets in the region.