• bitcoinBitcoin (BTC) $ 78,410.00
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  • tetherTether (USDT) $ 0.998973
  • bnbBNB (BNB) $ 772.44
  • xrpXRP (XRP) $ 1.64
  • usd-coinUSDC (USDC) $ 0.999705
  • jusdJUSD (JUSD) $ 0.999053
  • tronTRON (TRX) $ 0.285804
  • staked-etherLido Staked Ether (STETH) $ 2,388.16
  • dogecoinDogecoin (DOGE) $ 0.105106
  • figure-helocFigure Heloc (FIGR_HELOC) $ 1.00
  • cardanoCardano (ADA) $ 0.293505
  • bitcoin-cashBitcoin Cash (BCH) $ 527.51
  • whitebitWhiteBIT Coin (WBT) $ 49.23
  • wrapped-stethWrapped stETH (WSTETH) $ 2,928.53
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 77,988.00
  • usdsUSDS (USDS) $ 0.998799
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999025
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 2,599.96
  • leo-tokenLEO Token (LEO) $ 8.73
  • moneroMonero (XMR) $ 431.07
  • wrapped-eethWrapped eETH (WEETH) $ 2,596.90
  • hyperliquidHyperliquid (HYPE) $ 30.83
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  • ethena-usdeEthena USDe (USDE) $ 0.991832
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 78,433.00
  • stellarStellar (XLM) $ 0.179847
  • wethWETH (WETH) $ 2,389.79
  • usd1-wlfiUSD1 (USD1) $ 0.998419
  • zcashZcash (ZEC) $ 294.61
  • litecoinLitecoin (LTC) $ 58.97
  • suiSui (SUI) $ 1.14
  • usdt0USDT0 (USDT0) $ 0.998954
  • avalanche-2Avalanche (AVAX) $ 10.08
  • daiDai (DAI) $ 0.999342
  • susdssUSDS (SUSDS) $ 1.09
  • shiba-inuShiba Inu (SHIB) $ 0.000007
  • hedera-hashgraphHedera (HBAR) $ 0.091182
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.21
  • paypal-usdPayPal USD (PYUSD) $ 0.999423
  • tether-goldTether Gold (XAUT) $ 4,837.10
  • world-liberty-financialWorld Liberty Financial (WLFI) $ 0.122919
  • the-open-networkToncoin (TON) $ 1.36
  • rainRain (RAIN) $ 0.009507
  • crypto-com-chainCronos (CRO) $ 0.081140
  • polkadotPolkadot (DOT) $ 1.54
  • uniswapUniswap (UNI) $ 3.93
  • mantleMantle (MNT) $ 0.709988
  • bitget-tokenBitget Token (BGB) $ 3.20
  • falcon-financeFalcon USD (USDF) $ 0.990709
  • memecoreMemeCore (M) $ 1.23
  • pax-goldPAX Gold (PAXG) $ 4,864.79
  • aaveAave (AAVE) $ 126.29
  • okbOKB (OKB) $ 90.07
  • bittensorBittensor (TAO) $ 194.59
  • pepePepe (PEPE) $ 0.000004
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • hashnote-usycCircle USYC (USYC) $ 1.11
  • htx-daoHTX DAO (HTX) $ 0.000002
  • global-dollarGlobal Dollar (USDG) $ 0.999509
  • pump-funPump.fun (PUMP) $ 0.002634
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.12
  • nearNEAR Protocol (NEAR) $ 1.19
  • ethereum-classicEthereum Classic (ETC) $ 9.78
  • internet-computerInternet Computer (ICP) $ 2.72
  • syrupusdcsyrupUSDC (SYRUPUSDC) $ 1.15
  • jito-staked-solJito Staked SOL (JITOSOL) $ 131.39
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,551.41
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,395.31
  • skySky (SKY) $ 0.061262
  • ondo-financeOndo (ONDO) $ 0.286921
  • solanaWrapped SOL (SOL) $ 104.43
  • pi-networkPi Network (PI) $ 0.157333
  • aster-2Aster (ASTER) $ 0.551031
  • ripple-usdRipple USD (RLUSD) $ 0.999552
  • bfusdBFUSD (BFUSD) $ 0.999250
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999681
  • wbnbWrapped BNB (WBNB) $ 772.65
  • kucoin-sharesKuCoin (KCS) $ 9.06
  • hash-2Provenance Blockchain (HASH) $ 0.021059
  • worldcoin-wldWorldcoin (WLD) $ 0.406210
  • binance-staked-solBinance Staked SOL (BNSOL) $ 114.22
  • gatechain-tokenGate (GT) $ 8.38
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.105933
  • ethenaEthena (ENA) $ 0.139365
  • usddUSDD (USDD) $ 0.998956
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,763.77
  • aptosAptos (APT) $ 1.28
  • myx-financeMYX Finance (MYX) $ 5.07
  • cosmosCosmos Hub (ATOM) $ 1.96
  • official-trumpOfficial Trump (TRUMP) $ 4.22
  • algorandAlgorand (ALGO) $ 0.103754
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 78,515.00
  • kaspaKaspa (KAS) $ 0.032427
  • usdtbUSDtb (USDTB) $ 0.998515
  • ignition-fbtcFunction FBTC (FBTC) $ 78,262.00
  • bridged-usdc-polygon-pos-bridgePolygon Bridged USDC (Polygon PoS) (USDC.E) $ 0.999703
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.97
  • flare-networksFlare (FLR) $ 0.009978
  • nexoNEXO (NEXO) $ 0.830392
  • syrupusdtsyrupUSDT (SYRUPUSDT) $ 1.11
  • render-tokenRender (RENDER) $ 1.56
  • arbitrumArbitrum (ARB) $ 0.138949
  • filecoinFilecoin (FIL) $ 1.06
  • midnight-3Midnight (NIGHT) $ 0.047161
  • wrappedm-by-m0WrappedM by M0 (WM) $ 1.00
  • vechainVeChain (VET) $ 0.008475
  • janus-henderson-anemoy-aaa-clo-fundJanus Henderson Anemoy AAA CLO Fund (JAAA) $ 1.02
  • kinetic-staked-hypeKinetiq Staked HYPE (KHYPE) $ 31.02
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.11
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,627.39
  • ousgOUSG (OUSG) $ 114.15
  • xdce-crowd-saleXDC Network (XDC) $ 0.034568
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 2,510.79
  • eutblSpiko EU T-Bills Money Market Fund (EUTBL) $ 1.24
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 78,140.00
  • polygon-pos-bridged-dai-polygon-posPolygon PoS Bridged DAI (Polygon POS) (DAI) $ 0.999728
  • bonkBonk (BONK) $ 0.000007
  • cocaCOCA (COCA) $ 1.30
  • usdaiUSDai (USDAI) $ 0.999162
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 77,943.00
  • morphoMorpho (MORPHO) $ 1.12
  • clbtcclBTC (CLBTC) $ 79,231.00
  • beldexBeldex (BDX) $ 0.078066
  • wrapped-flareWrapped Flare (WFLR) $ 0.009934
  • sei-networkSei (SEI) $ 0.087785
  • jupiter-exchange-solanaJupiter (JUP) $ 0.178385
  • usual-usdUsual USD (USD0) $ 0.998185
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,389.19
  • janus-henderson-anemoy-treasury-fundJanus Henderson Anemoy Treasury Fund (JTRSY) $ 1.09
  • dashDash (DASH) $ 44.20
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,541.48
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,557.95
  • binance-peg-xrpBinance-Peg XRP (XRP) $ 1.65
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 121.86
  • pancakeswap-tokenPancakeSwap (CAKE) $ 1.54
  • ghoGHO (GHO) $ 0.999226
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  • tezosTezos (XTZ) $ 0.467109
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.007845
  • true-usdTrueUSD (TUSD) $ 0.998118
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,389.63
  • story-2Story (IP) $ 1.40
  • tbtctBTC (TBTC) $ 78,038.00
  • chilizChiliz (CHZ) $ 0.045998
  • fasttokenFasttoken (FTN) $ 1.09
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Code is speech: How computer source code secured First Amendment rights

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Code is speech: How computer source code secured First Amendment rights

This is a segment from the Supply Shock newsletter. To read full editions, subscribe.

Painters paint, sculptors sculpt and cryptographers code.

For millennia, creators have fought to express themselves through their chosen media.

Around the year 430 BC, Greek sculptor Phidias is famously said to have died in prison after being charged with impiety due to his art (with a side of treacherous politics).

Phidias had sculpted himself and statesman Pericles onto the shield of Athena on the Athena Parthenos, an unforgivable act of hubris in front of the gods.

Nearly two and a half thousand years later, cryptographer Daniel Bernstein fought the US government over his constitutional right to express himself through code — and won.

On This Day: Code Is Speech

Twenty-six years ago today, Judge Marilyn Patel ruled that computer code should be considered speech and thus protected under the First Amendment, even if that code represented powerful encryption technology.

Bernstein had sued the US State Department and subsequently the Department of Commerce in what Judge Patel later described as “part political expression.”

As we touched on in a retrospective last week, the US government at the time classed cryptographic tools with a key size larger than 40 bits as weapons.

This meant anyone seeking to publish or otherwise make cryptography software available outside the US had to register as an arms dealer — including doctoral candidates studying mathematics at UC Berkeley, like Bernstein.

So, when Bernstein approached the State Department about publishing the source code, instructions and academic paper describing a new encryption method called Snuffle, authorities labeled the work a “munition” under the International Traffic in Arms Regulations.

But the imposition of any licensing regime on code — the medium through which cryptographers express their ideas, thoughts and theories — was unconstitutional, in Bernstein’s view. The Electronic Frontier Foundation (EFF) then sponsored his lawsuit, in what was its second major case after the Steve Jackson Games in the early ‘90s.

Code is speech: How computer source code secured First Amendment rights

Long before Bitcoin, Adam Back protested the US government’s classification of RSA encryption as munition with this cool shirt.

Courts sided with Bernstein and the EFF in a landmark decision about a year later, ruling that the government must protect cryptographers’ freedom to code. It’s their language.

The case paved the way for strong encryption to be readily applied to e-commerce and all manner of private enterprise, thanks in no small part to the forward-thinking Judge Patel.

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