The way I see it, we either reign in the 'firehose of falsehood' style of electioneering, or we put our future in the hands of the best (ie, worst) liars.
"But if we had laws like this, how would we have ever invaded Iraq and Afghanistan? Would you jail Biden for lying about student loans and pandemic payments, or Obama for lying about Roe v Wade and Guantanamo?! 98% of our politicians would be jailed!!" ... Exactly.
The devil is certainly in the details with something like this - but to say it can't be done (without even trying) is defeatist.