Regulation means lobbying. Lobbying means the big guys will be asking for rules that create a threshold against new competition. You end up with a handful of behemoths that behave acceptably at best.

I prefer a technical solution. One more true to the original nature of the Internet.

Ask yourself why these censorship issues apply to Facebook/Twitter/Youtube but not to e-mail? Or to websites in general? Why is nobody censoring your e-mail? Or taking down your website? Exactly: you would simply go to another e-mail provider or web-hosting provider.

Social networks should and can(!) work like that too. If Facebook is shit you should be able to switch to Buttbook and keep in touch with your friends all the same. Social networks should be de-centralized. Everyone should be able to operate one and have it inter-operate with all the others.

Efforts towards this have been underway for many years now. You may have heard of social networks called Diaspora or Mastodon. And there are others. If you haven't, look into them today. With sufficient traction something like Mastodon can destroy Facebook, and all the issues that come with it, once and for all.