US social networks can operate in China if they follow Chinese censorship laws. Chinese social networks can operate in the US if they follow US censorship law. What the US is doing is creating special laws, or even acting extrajudicially, to attack a Chinese social network for behavior that it fails to condemn in US social networks.

The punchline is that it amounts to a bill of attainder, so in order to avoid that criticism, they're going to create censorship laws for all media and simply promise to selectively enforce them.