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Five years ago, as vice chairwoman of the Federal Election Commission, I wrote a statement calling on the commission to discuss online political messaging, which was and still is completely exempt from federal campaign finance disclosure laws. While I didn't foresee exactly what would happen over the next half-decade — Russia's interference in the United States' elections, the rise of the far-right aided by social media and the proliferation of digital disinformation — I did see that political campaign communications were increasingly moving online. If left unregulated, digital media posed...