Earlier quoted context omitted.
> The implications are fairly dramatic if this is legitimate and were to be adopted / executed. Can anyone give a tl;dr of what the implications actually are? Maybe I'm just tired, but I'm having a hard time parsing what this would actually do (beyond soothe Trump's feelings after getting called out by Twitter).
It would make them legally liable for the content posted on their sites. Today they can claim that they aren’t responsible for it, the posters are. If they are operating in an editorial capacity, that shield is removed.
Exactly as it should be. YouTube, Twitter, Facebook and others, now that they're getting into the business of editorializing and dictating the truth as they see it via heavy-handed moderation, should be fully liable for all things posted to their platforms. It should apply to any large platform that makes that shift. It's perfectly fine if these platforms want to do that, and they should be held responsible accordingly. It'll restrict the size and activity of their networks, which will probably be a societal benefit.
Twitter picked a fight they can't win. They wanted to have their cake and eat it too. Things will never return to the way they were before.