Supreme Court Bars Regulator‑led Deplatforming

The Supreme Court unanimously held that a state financial regulator’s attempts to pressure banks and insurers to refuse business to the NRA could violate the First Amendment if the conduct plausibly coerced private actors to suppress speech. The Court vacated the Second Circuit and remanded, signaling courts will scrutinize regulatory threats that aim to punish or silence controversial advocacy. — This decision constrains a growing tactic — using regulatory leverage to achieve de facto censorship through private actors — and will affect how states, agencies, banks, insurers, and advocacy groups interact across many hot‑button issues.