Watering down Section 230 of the Communications Decency Act (CDA) is not the answer to abuses of the large social media platforms. Taking ANTITRUST ACTION against the anticompetitive and monopolistic behavior of Silicon Valley while joining and supporting alternative technology platforms is a better approach.
Section 230 of the CDA protects American companies from foreign authorities with far less liberal speech regimes than our own. Using executive power to water down Section 230 is a horrible idea and will inevitably harm alternative technology startups in the long run.
Removing immunity from a publishing platform, like Youtube, Facebook, Gab or Twitter would likely result in worse outcomes for free speech than simply doing nothing and letting the market sort things out.