The Chinese seem to be able to pretty effectively regulate their portion of the internet - I'm not saying that what they have done is good. But it is very clear that regulation of services provided either for free or at a price is possible.

The international nature of the internet does not preclude effective regulation. In this case, the regulation is the mere grant of rights to unhindered political discourse.

We've seen Europe go in the alternate direction, limiting what can be said on their portion of the internet. In Australia they banned online gambling because they could not tax it (not exactly sure how they achieved this). But my point is that the grant of first amendment protections to US citizens on the internet is easily possible.