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[–] FreeinTX ago 

It would destroy social media companies with frivolous lawsuits.

There is nothing you can do to make the major social media companies liable for information posted on their site by a 3rd party. However, if you remove the protections, lawyers will include the social media company in every libel lawsuit they file, hoping for a settlement.

You will destroy EVERY social media platform and EVERY platform that allows content to be posted by 3rd parties. Each social media company will need to review all content for libel prior to allowing it to be made public. "Awaiting moderation" will be the result of posting any comment on any platform in the US.