For all the people cheering or indifferent to this:
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This would affect more than social media - this would affect ANYWHERE that has user accounts that can post content - blogs, wikis, website builders, hell, even email.
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The summary states this is so it can be "renegotiated". Considering the current authoritarian direction of the United States, now would be absolutely the worst time to rewrite online content policing laws - it will absolutely be used to silence dissent.
This is a fair assessment, but all of them should know better than using Signal for this kind of thing.