The Supreme Court ruled that commercial speech had no First Amendment protection in a 1942 case:

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In Valentine v. Chrestensen, the Supreme Court held that commercial speech was not protected by the First Amendment. The case concerned a man who was distributing handbills advertising his business, which included both commercial and political speech. The Court ruled that the government had the power to regulate the distribution of commercial speech that was not related to consumers' interests in order to maintain the flow of traffic and other reasons.

The Supreme Court Ruled That Commercial Speech Had No First