SEC Repealed a 53-Year Gag Rule Rather Than Defend It at the Supreme Court

For 53 years, the SEC required nearly everyone who settled an enforcement action to remain permanently silent—even if they believed the government got it wrong. In Powell v. SEC, NCLA challenged that policy, arguing it violated the First Amendment. Just days before responding to the U.S. Supreme Court, SEC repealed the rule entirely. In this episode of Courtside, NCLA President Mark Chenoweth is joined by NCLA Senior Litigation Counsel Peggy Little and former U.S. Solicitor General Greg Garre, who represented the petitioners before the Supreme Court, to discuss: • Why the SEC's gag rule lasted more than 50 years • Why the SEC repealed it instead of defending it • What the Supreme Court's denial means • Whether future administrations could bring the rule back • Why this remains an important First Amendment victory Even though the Supreme Court never ruled on the merits, the rule that silenced thousands of Americans is gone. Learn more about NCLA's work: https://nclalegal.org Chapters 0:00 Introduction 2:05 What was the SEC gag rule? 5:21 Why the Supreme Court case mattered 7:02 The wave of amicus briefs 11:27 The SEC repeals the rule 12:43 Why the government backed down 15:59 Why the Ninth Circuit decision still matters 19:10 Can constitutional rights really be waived? 24:55 Could the SEC bring the rule back? 32:13 Are First Amendment rights truly inalienable? 42:49 What's next after this victory? 48:43 Final thoughts