Can We Regulate Social Media Without Breaking the First Amendment?

IMO regulation is not necessary.

We need more free speech. We need to be building 3rd party moderation. We need rights to have speech & interoperability atop online systems. So we can build our own defensive tools, build our own regulation, so we can moderate & rate users as we want. We need more ability to build overlay networks, and let progress & change shake out.

Currently we're just at this stalemate because we're fully dependent on these entities. Rather than regulate & further restrict the system, we need to open things up & get out of this horrible rut.

I'm curious about the difference between free speech and the right to a megaphone. From what I've gathered, the problem isn't that social media publishes harmful posts at all, but rather that social media promotes bad posts to tens of millions of people. Isn't that a difference that regulation could rest upon?

Only one out of ~195 countries has a 'first amendment'.

This is just another dumb American-centric article.