The moment you need to moderate every comment, and worry that you might get sued/prosecuted by people whose discrimination is different to yours, is the moment you simply become a censor or simply drop comments altogether.
It's like arguing against firewalls on the open Internet.
Small players, like startups with innovative ideas, will have more and more difficulties to survive.
However once the government gets involved, that's when we've lost free speech. Free speech protections have always been in place to ensure you can't go to jail for what you're saying. What they aren't for, is making private individuals and corporations harbor any kind of speech on their property. It'll be truly scary if the government starts forcing corporations to censor speech. Let's leave the pressure we put on these firms to consumers, activists and shareholders.
Sure, governments have guns, but as long as there is a constitution preventing abuses and the rule of law, that is constrained.
The bigger danger is cooption of governments by corporations and other powerful interest groups that have no such protections/limitations.
In addition, in the European context the racism part will be used to censure comments critizing the immigration politics of Western Europe countries (which every citizen should be able to discuss given the importance of it) and any discussions about Islam that don’t go the way the government want it to go. In fact, this is already happening for years and it is a worrying fact.
Everyone is free to discuss the immigration politics on the Internet and elsewhere, and plenty of people are angry about it. There are even political parties that have this thing as their main agenda.
I want this applied to Facebook and all its racist, sexist and homophobic user content too.