SEC commissioner Hester Peirce says proposed Exchange Act changes threaten First Amendment protections due to the ambiguous definition of the term "exchange."

"What does all of this mean? Do First Amendment protections extend only to code published by hobbyist coders? Does a university professor who, as part of her research publishes such code, risk triggering the exchange definition merely because she is paid for that research? Is a non-profit organization subject to First Amendment protections different from those available to individuals?"