I honestly don't believe there is a body impartial enough to regulate. Don't get me wrong it should be regulated, but what you and I would agree on being regulated would be completely different. My concern being the interference in free speech.
Take Trump as the example again, as I think the capitol is the one thing we agree on, where he well overstepped his position. But should he be silenced on social media, certainly if he is inciting violence, but the problem with that is we are all so silencing his right to free speech.
Yes, he deserved to lose it, but at what point is he allowed to have it back. It raises lots of questions. That's not me speaking up for Trump, it's just me suggesting free speech is at serious risk once you start regulating it.