The NRA alleged that New York’s financial regulator used official authority to pressure banks and insurers to sever ties with the organization because of its gun-rights advocacy. The Supreme Court unanimously held that the complaint plausibly alleged unconstitutional coercion. Government officials may criticize speakers and enforce valid laws, but they may not use threatened adverse regulatory action to punish or suppress disfavored expression through private intermediaries. Considering the regulator’s authority, communications, and alleged enforcement leverage, the NRA stated a First Amendment claim. The judgment was vacated and the case remanded for further proceedings, including unresolved immunity issues.