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The decision of the U.S. Court of Appeals for the District of Columbia Circuit in SpeechNow.org v. Federal Election Commission may augur a sea-change in the law governing campaign finance regulation. This article discusses the statutory and jurisprudential context in which the SpeechNow.org challenge to federal campaign finance laws developed; presents an overview of the decision of the Court of Appeals; and notes the potential implications of the decision for the future case law addressing the intersection of campaign finance law and the First Amendment.