Vol. IV · No. 12Thursday, 6:00 AM

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This Week: The Algorithm Ruling

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BriefingVol. IV · No. 12

SCOTUS: Platforms Can Curate. But What Does “Curate” Mean?

In a ruling that will keep law professors busy for a decade, the Court held that social platforms retain First Amendment rights to make editorial choices — but left the hard question of what counts as editorial choice entirely open.

3 min read
Caltrain · Arriving 4th & King in 8 min
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Why This Matters

“This isn't just a First Amendment case. It's a liability case dressed in constitutional clothing. Every in-house team with a UGC product needs to read the concurrence.”

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Briefing · Feb 20, 2026 · FTC Noncompete Rule

The Federal Trade Commission voted 3-2 to finalize its rule banning most noncompete agreements, covering an estimated 30 million workers. The rule, which takes effect 120 days after Federal Register publication, would require employers to notify current and former workers subject to noncompetes that those agreements are no longer enforceable.

Senior executives — defined as workers earning more than $151,164 annually in policy-making positions — are carved out from the ban on existing noncompetes, though new ones remain prohibited.

check our execs?

→ Present to board Thurs. Cite the 5th Cir. stay risk.

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Priya M.
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“Per Briefing this morning — the 5th Circuit stay means we have a 60/40 shot the FTC rule never takes effect. We should draft both versions.”

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If you're in legal and not reading @Briefing, you're reading the news 48 hours late. Their FTC noncompete breakdown this week was cleaner than anything I got from outside counsel. 🧵

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The FTC Noncompete Rule: A Plain-Language Guide
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Per today's Briefing — the 5th Circuit issued an administrative stay on the FTC rule pending appeal. We're back to watch-and-wait.

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How did you know about this before our outside counsel? 😅

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Supreme Court5 min read

Platforms Can Curate. But What Does “Curate” Mean?

NetChoice v. Paxton · 602 U.S. ___ (2026)

In a ruling that will keep law professors employed for a decade, the Supreme Court held 6-3 that social media platforms retain First Amendment rights to make editorial choices about the content they host, amplify, or suppress. The decision vacated lower court rulings that had upheld Texas and Florida laws restricting how platforms moderate content.

The majority opinion, written by Justice Chen, is long on principle and short on application. Platforms are speakers. Algorithmic curation is speech. States cannot compel platforms to carry content they don't want to carry — at least in the abstract. But the Court sent both cases back to lower courts to apply a new framework that nobody has quite figured out yet.

“The Court has answered the easy question — platforms have rights — and deferred the hard one: when do those rights yield to the public interest in an open internet?”

What the Holding Actually Says

The majority drew an analogy to parade organizers and newspaper editors — entities the Court has previously held cannot be compelled to include speech they disagree with. A platform's decision to recommend, demote, or remove a post is, in the Court's framing, an editorial act protected by the First Amendment.

The dissent, written by Justice Patel, argued that this analogy collapses when applied to platforms that host billions of posts daily and whose “editorial choices” are made by algorithms trained to maximize engagement rather than express viewpoints. “We are not dealing with editors,” Patel wrote. “We are dealing with sorting machines.”

What You Actually Need to Know

  • 1If you're in-house at a platform company, the immediate risk of must-carry laws is gone — for now.
  • 2The "new framework" the Court mentioned isn't defined. Expect 18 months of lower court chaos.
  • 3Section 230 is untouched. This is purely a First Amendment ruling.
  • 4The concurrence by Justice Okafor is the one to read. She signals where the Court might draw lines next term.

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Regulatory4 min read

The FTC Noncompete Ban Is Final. The Litigation Is Not.

The Federal Trade Commission's final rule banning most noncompete agreements was published in the Federal Register on May 7, starting a 120-day clock to an effective date of September 4. But a federal district court in Texas has already issued a preliminary injunction blocking enforcement, and the 5th Circuit is expected to weigh in before summer.

The practical situation: you have a final rule that is almost certainly not going to be enforced on its effective date, with a 60/40 chance of being struck down entirely before the Supreme Court could take it up. For most employers, this means drafting contingency offer letters, not shredding existing noncompete agreements.

“Your outside counsel is billing you to track this. We'll tell you when something actually changes.”

The rule's senior executive carve-out — workers earning over $151,164 in “policy-making positions” — is narrower than it sounds. The FTC's definition of policy-making position requires authority to make binding decisions without further approval. Most VPs won't qualify. Most C-suite will. The line between them is going to generate a lot of employment litigation.

This Issue
Vol. IV, No. 12Feb 20, 2026
4,847 words~18 min read
3 stories1 deep dive, 2 briefs
11,400 readers+340 this week
Also in this issue
Contract

The Indemnification Clause That's Showing Up in Every AI Vendor Agreement

3 min read
Employment

NLRA Coverage of App-Based Workers: A Circuit Split Brewing

4 min read
Privacy

Texas Data Privacy Law Takes Effect July 1. Here's What's Different.

5 min read
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Past Issues

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Every issue, searchable.

Supreme CourtLatest
Vol. IV · No. 12 · Feb 20, 2026

Platforms Can Curate. But What Does "Curate" Mean?

  • NetChoice v. Paxton
  • FTC Noncompete Final Rule
  • Texas Data Privacy Act
18 min read
AI & Tech
Vol. IV · No. 11 · Feb 13, 2026

The AI Liability Gap: Nobody Knows Who's Responsible

  • EU AI Act Enforcement
  • OpenAI v. Authors Guild
  • SEC AI Disclosure Rules
16 min read
Antitrust
Vol. IV · No. 10 · Feb 6, 2026

Merger Review Gets Harder. The FTC's New Playbook.

  • DOJ Adobe-Figma Lessons
  • HSR Threshold Changes
  • EU DMA First Penalties
20 min read
Employment
Vol. IV · No. 9 · Jan 30, 2026

NLRA in the Gig Economy: A Circuit Split Deepens

  • 9th vs 5th Circuit on App Workers
  • Minimum Wage Preemption
  • Non-Disparagement Clauses
15 min read
Contracts
Vol. IV · No. 8 · Jan 23, 2026

The Contract Clause Nobody Reads (Until It Matters)

  • Force Majeure Post-COVID
  • Limitation of Liability Caps
  • IP Indemnification Trends
14 min read
Crypto & Finance
Vol. IV · No. 7 · Jan 16, 2026

Securities Law Meets Crypto. Again.

  • SEC v. Coinbase Update
  • Bitcoin ETF Aftermath
  • State Crypto Licensing Push
17 min read
Privacy
Vol. IV · No. 6 · Jan 9, 2026

Privacy Law Is Fragmenting. Here's the Map.

  • State Privacy Law Tracker
  • COPPA 2.0 Status
  • GDPR Enforcement Record Year
19 min read
Year in Review
Vol. IV · No. 5 · Jan 2, 2026

Year in Review: The 10 Cases That Defined 2025

  • SCOTUS Term Recap
  • Regulatory Rollback Scorecard
  • What to Watch in 2026
25 min read
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