In Law360:

My read of the opinion is that it contains two significant holdings that will both encourage future constitutional challenges to these requirements and give those challenges a better chance of succeeding than they had under prior rulings….

The first holding is the court’s subtle change in the constitutional standard of review for donor disclosure requirements. The second holding is the court’s apparent assumption that donor disclosure, even if only to a government agency and not to the public, places a substantial burden on First Amendment associational rights and therefore requires application of this standard without any need for plaintiffs to prove such a burden.