You're calling for the creation of a government agency that would be in charge of moderating all social interactions online?Of course not silly. They would make a department that is in charge of what kind of content can be posted, just like other social media sites. When the rules are broken, bans are issued. No one has to go to jail or face penalties. Temperature in society gets cooled down. Awesomeness.
Remember, just a few decades ago no one could post anything on social media. We somehow survived.
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And you think this is a good idea?
Also, please finally address the fact that what you're advocating for isn't going to result in the censoring of what you disagree with, it'll be the censoring of what the government disagrees with. The GOP's #1 thinktank has flat out said they'll use social media regulation laws to censor LGBT content, as I linked earlier.