Regulators Can't Coerce Deplatforming

The Supreme Court held that a regulator who pressures banks or insurers to stop doing business with a controversial lobbying group can violate the First Amendment if the coercion is meant to punish or suppress the group's speech. The decision creates a legal constraint on using supervisory leverage or reputational threats to induce private intermediaries to 'deplatform' disfavored speakers. — This limits a growing administrative tactic (using licensing, supervision, or publicity to force intermediaries to cut ties) and will affect future fights over how governments try to shape platform and financial access for contested speech.