SCOTUS react: FEC v Ted Cruz

Facts of the case
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The day before Election Day in 2018, Senator Ted Cruz loaned Ted Cruz for Senate (“Cruz Committee”) two campaign finance loans totaling $260,000. After Election Day, the Cruz Committee used the funds it had on hand to pay vendors and meet other obligations instead of repaying the loans to Senator Cruz. Section 304 of the Bipartisan Campaign Reform Act and its implementing regulations place a $250,000 limit on the amount of post-election contributions that may be used to pay back a candidate's pre-election loans more than 20 days after Election Day. After 20 days had elapsed, the balance of those loans that exceeded BCRA's $250,000 statutory cap on post-election contributions ($10,000)—converted into a campaign contribution. The Cruz Committee filed a lawsuit seeking to invalidate and enjoin enforcement of Section 304 of the Bipartisan Campaign Reform Act and its implementing regulations as violating constitutional and administrative laws.

A three-judge court ruled for Cruz, finding that the restrictions place a burden on political speech without adequate justification.

Question
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Do appellees have standing to challenge the statutory loan-repayment limit of 52 U.S.C. § 30116(j), and does the limit unconstitutionally burden political speech without justification?

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