The opinion by Judge Kavanaugh is here. The opinion, applying strict scrutiny, relies upon Supreme Court precedents holding that the government has a compelling interest in preventing foreign influence over “the process of democratic self-government.”
While I am very happy with the ruling, and expect the Supreme Court will likely affirm if and when this case is appealed, I believe the rationale here is in considerable tension—not recognized at all by the panel here—with Citizens United‘s “more speech is better”/”the identity of the speaker” does not matter view of the First Amendment. I’ve explained that point at length here.
(H/t Ken Vogel.)