Stephen Colbert's months-long effort to reveal a loophole in the country's campaign finance laws has paid off. Today the Federal Election Commission (FEC) ruled 5-1 to approve Colbert's request to form a "Super PAC."

"I'm sorry to say, we won!" Colbert told a crowd of cheering fans just outside the official FEC headquarters in Washington, D.C.

Colbert's crusade began about two months ago, when he asked the Federal Election Commission (FEC) if he could form a "Super PAC," a special committee that can receive unlimited funds from corporations, unions and individuals to spend on independent expenditures but not on specific candidates. Colbert also wanted to know whether Viacom, his network's parent company, would then have to disclose its funding of the Super PAC or if their backing could remain private under a special exemption designed for members of the press.

Today, Colbert got his answer: yes.

Just after the announcement, Colbert mockingly addressed those who call his efforts a joke. Well, I for one don't think that participating in a democracy is a joke," Colbert told the crowd. "I don't think that wanting to know what the rules are is a joke."

The next step in the process for Colbert is to raise as much money as possible. "I don't know about you, but I do not accept limits on my free speech," Colbert said. "I don't know about you, but I do not accept the status quo. But I do accept Visa, Mastercard and American Express. $50 or less please, because then I don't have to keep a record of who gave it to me."

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