bearfan
Ancient Mariner
Don't they already self-regulate in line with political pressure? Not so much about hate speech, but I remember Facebook becoming a lot stricter on anti establishment type comments after David Cameron talked about compulsory regulations for social media - partly around terrorism/extremism and as partly in their media crackdown. Strong criticism of the monarchy goes down particularly badly.
I would think the possibility of fines would lead to more limitations in what people post, which would be a shame. One of the redeeming values of the internet is the ability to get a message and thoughts out to the world and people to react to those thoughts. Bring on the cat pictures .. until someone gets offended by them