I have little faith in the U.S. regulating speech online through congress. Whatever solution is coming will squarely blame the companies, expecting them to find a half baked answer through self moderation/ useless warning labels. Our government approaching social media as if the solution could be breaking them up shows how antiquated the thinking is.
Some countries in Europe and Asia have shown an ability to regulate forms of speech as harmful in a public space. Some countries are better at keeping internet companies responsible to their own TOS or lack of TOS when it comes to speech/data. It's wild to me that using something as simple as an MMO in Korea requires more identification then Facebook here in America.
Ideally this would be an issue handled through regulation, it's not something either side should be happy to leave to a few companies. Given the cultural differences and history's impact on our governing views of speech, we do need private companies to enforce their TOS. The only way of regulating them here is through public opinions impact on how the service should operate.
Trumps rise and the explosion of social media showed the trouble of unfettered speech online or offline. From hate to conspiracy. In American culture were conditioned to tell someone it's their right, regardless of the language or level of disagreement. A solution requires a debate that I don't think this country can objectively have anytime soon. Right now we're fighting over the drawing of lines by some calling it cancel culture, it's good the debate is happening but it's early.