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It was no joke Thursday at the Federal Election Commission hearing as Comedian Stephen Colbert gained approval to start his "superPAC" by a 5-1 "media exemption vote."

But in the crowd outside the FEC's headquarters following the vote it was clear the host of "The Colbert Report" on Comedy Central had a straight-faced delivery and this matter of election fundraising regulation had some laughing - and throwing money.

"Moments ago the Federal Election Committee made their ruling," Colbert said to cheers, "And ladies and gentlemen I'm sorry to say, we won!"

The FEC ruling specified that all Colbert superPAC activity would need to be reported and any ads run on Colbert's television program can be funded by Viacom –who owns Comedy Central– without reporting. But if shown on other shows or networks, all Viacom-funded Colbert ads must disclose all financial involvement.

In some ways, while the ruling allows Colbert to found his PAC, raise money and produce and buy television time for political advertisements-it raises a host of questions for what implications there will be for other PACs.

The satirist announced plans months ago to form his superPAC, which makes light of Citizens United, the conservative political advocacy group that won a landmark Supreme Court ruling rolling back campaign finance regulation.

"Sixty days ago today on this very spot a young man petitioned the FEC for permission to form a superPAC to raise unlimited monies and used the monies to determine the winner of the 2012 elections," Colbert said, "It was me."

"Thank you for standing with me for freedom," he said, "It has been said freedom isn't free, today we have placed a sizeable down payment, today we have put liberty on layaway."

Another question was the content of the ads themselves, in which Colbert, in his only statement from the witness table, answered, "We don't know what we're going to do with the ads, where we would place them, because we don't have the PAC yet."

Adding to that, Potter said Colbert "did intend some of the advertising to include, express advocacy, mention candidates."

Outside, in a sea of supporters, Colbert wasted no time soliciting donations and said he'd start airing ads as soon as he gets enough money.

"I don't know about you but I do not accept limits on my free speech, I don't know about you but I do not accept the status quo. But I do accept Visa, MasterCard and American Express," he said.

At the conclusion of his speech, Colbert's staff emerged with iPads equipped with credit card swipers.

Colbert himself started personally accepting donations, chatting with fans and collecting small contributions for 15 minutes.

As he departed, Colbert was showered by dollar bills. When asked what corporate America has to done to the election process, Colbert said, "Made it free-er! Money equals speech."

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The request comes down to one essential issue: whether Viacom can legally donate production costs, airtime and use of Colbert's staff to create ads for the so-called super PAC, to be played both on "The Colbert Report" and as paid advertisements other networks and shows.

If the FEC grants Colbert a press exemption, the decision could have a drastic effect on media involvement in federal elections, potentially opening the door for media outlets that employ politicians as commentators to aid favored candidates through undisclosed contributions. Those figures include Fox News contributor Karl Rove, who founded American Crossroads, and former Ark. Gov. Mike Huckabee (R) who heads "Huck PAC" and hosts a show on Fox News.

Several campaign finance reform advocates are expressing concern over three proposed changes the FEC will consider on Thursday. Granting Colbert's request in full, they argue, would allow media companies to anonymously fund the political activities of their employees, under the protection of the FEC's press exemption.

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The normally fractious FEC, the agency charged with enforcing campaign finance laws, gave Colbert most of what he'd asked for. Then, with more than 100 fans in front of the commission's building, he told a campaign-finance law joke.

Colbert: Knock knock.
Crowd: Who's there?
Colbert: Unlimited union and corporate campaign contributions.
Crowd: Unlimited union and corporate campaign contributions, who?
Colbert: That's the thing — I don't think I should have to tell you.

But there's actual substance behind the punch line: Colbert is setting up a superPAC to run campaign ads. The FEC got involved when he asked for an opinion on how to finance the superPAC. His query suggested the possibility of a new loophole — a way for media companies to underwrite commentators with political ambitions.

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the supreme court will side with the GOP because if it's at all possible that they have a point, the court will do this, and you know they will.

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