How to Regulate a Social Media Company

I was with someone really smart the other day who said the only way to regulate a social media is to repeal section 230. Section 230 prevents platforms in most cases from being held liable for what their users post so if I defame Molly on Facebook Molly can't see Facebook she can only sue me. So basically that they should repeal section 230 and get rid of it, remove the protections the internet companies have for the sort of platform protections and make them like a publisher.