4 money accounts. See 11 C.F.R. §§ 106.6(c), (f).1 Because donations to those hard-money accounts are capped at $5000 annually for individual contributors, the FEC’s allocation regulations substantially restrict the ability of non-profits to spend money for election-related activities such as advertisements, get-out-the-vote efforts, and voter registration drives. The regulations separately require that donations to non-profits be considered hard money subject to the $5000 cap if the corresponding solicitation indicated that donations would be used to support the election or defeat of a federal candidate. See id. § 100.57. In early 2005, EMILY’s List filed suit, arguing that the new regulations violated the First Amendment and the Federal Election Campaign Act. In 2008, the District Court upheld the regulations in their entirety. II To assess the constitutionality of the new FEC regulations, we initially must address at some length the relevant First Amendment principles set forth by the Supreme Court. A Ratified in 1791, the First Amendment provides that “Congress shall make no law . . . abridging the freedom of speech.” U.S. CONST. amend. I. This guarantee “has its fullest and most urgent application precisely to the conduct of 1 A hard-money account is subject to source and amount limitations. For example, under the statute, EMILY’s List cannot accept donations of more than $5000 annually into its hard-money account from any single contributor. 2 U.S.C. § 441a(a)(1)(C). A soft-money account may receive unlimited donations.