The government can't regulate media. It is protected under the First.
It would be more appropriate to regulate the social media giants as public accommodations. Think Motel 6, but for conversation, not for staying overnight.
Then Alex Jones would be able to sue them the way faggots sue bakers who decline to decorate gay wedding cakes in ways offensive to their moral beliefs.
Of course, then the rub is, when does a site become a public accommodation? Is YouTube a public accommodation? Is Bitchute? Is FR?
YT and many of the sites in question are virtual monopolies, way past the point old school libtards would have screamed at them in the past. Sounds about as good a time as any to make them play by different rules.