The social media providers have become the target of those on all sides of all issues. It is almost universally agreed that they have failed to apply Solomonic Wisdom. Partisans on all sides are demanding action and organizing to fight over the details. The providers are staffing up to try to accommodate the demands.
The current crisis arises from the belief that most people can’t handle information. An elite of clear-minded, right-thinking people must protect them from incorrect or damaging information and ideas.
That idea contradicts the entire American experience.
What if they did nothing. What if they took the position that while users could block commenters or be invitation only, anyone could post anything.
If social media publishers could legally adopt a very simple user agreement that simply stated their policy to not restrict anything, the free market would respond with a number of useful products to handle everything. Apps would proliferate to protect children, provide fact checking, and provide filtering through investigation into the actual backgrounds of those posting (foreign governments, lobbyists of all stripes, religious fanatics, clueless idiots, extortionists, etc.).
An entire new knowledge industry driven by the profit motive and competition would provide the information needed far better than the media companies and government monitoring agencies.