This measure does more than allow for censorship of political speech — in subsections (2)(b) and (2)(c) it has the power to completely prohibit anonymous electioneering.

Anonymous political speech is an important category of expression. It gave us foundational works such as The Federalist Papers and Common Sense.

Anonymous expression has a major virtue: it keeps the focus properly on the content of the message itself, without ad hominem distractions about the identify of the speaker, or even less usefully on the financial backers of the speaker.

Anonymity is also important to protect speakers from facing personal repercussions for advocating unpopular ideas. Imagine fearing losing your friends or angering your family if you lived in a conservative location and donated to causes like same-sex marriage or marijuana legalization. People have lost careers because, years earlier, they donated to the "wrong" cause — even if it was the prevailing opinion at the time! That isn't right. Compelled disclosure chills political speech and participation.