The SEC Repealed the Gag Rule. While It's a Victory for Free Speech and NLCA, It's Not Over.

In this episode of Unwritten Law, NCLA President and Chief Legal Officer Mark Chenoweth, Senior Litigation Counsel John Vecchione, and Senior Litigation Counsel Peggy Little discuss a major development in Powell v. SEC: the SEC has formally rescinded its decades-old gag rule.The rule prohibited settling defendants from publicly denying the SEC's allegations against them, often leaving individuals silenced for years—or even decades—after their cases ended. The repeal marks a significant victory for free speech and follows years of litigation, advocacy, and a Supreme Court petition filed on behalf of NCLA clients including Thomas Powell.But is the fight over?Peggy explains why thousands of existing gag orders may still remain in place, why future SEC officials could potentially revive similar restrictions, and why NCLA believes the Supreme Court should still hear the case and issue a definitive ruling on the constitutionality of government-imposed settlement gags.The discussion also examines the role of 16 amicus briefs supporting Supreme Court review, the SEC's reasoning for repealing the rule, and the broader implications for free speech, administrative power, and government accountability.