This document released by the FEC today is supposed to provide guidance to 527s and other organizations on when they are likely to be treated by the FEC as “political committees.” Such status, among other things, means that such groups are limited in the amount of contributions they may receive as well as the sources of those contributions.
Not only is this document likely to lead to extensive discussion about whether the FEC is right. It could well lead to a lawsuit challenging the FEC’s position on these issues (or a continuation of the battle over these issues in the context of the ongoing Shays case).
I hope to comment more after I’ve had a chance to read it.