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Moderation is orthogonal to free speech. They are separate concerns.
Almost all moderation concerns are obviously restrictions on free speech, it’s just that for several reasons people have started to shrink “speech” into “political speech within some Overton window”
For some obvious examples of typical moderation that conflicts with pure free speech , consider amoral speech like abuse material, violent speech like threats, and economically harmful speech like fraudulent advertising or copyright violations.
Extending these to things like hate speech, bigotry, pornography, etc are all moderation choices that are not orthogonal to free speech.