This is a TERRIBLE idea. Turning Facebook into a government entity, (or even making an org to regulate it), is as anti-American as it is unconstitutional. Take away 230 protection status and if the company survives great, otherwise another one will take its place.

I don't care what you say, any person CAN live without Facebook. Yes it might be painful for some, but in a free market society, some company (most likely many disparate companies), will cover those needs.