I am not really sure how far down the trail this will lead, 230 also exempts news organizations media blog sites from liability over what people comment on them. This could have a reverse effect if news publishers just opt to shut down their comment sections instead of face increased liability. That may actually push people back onto the platforms they left because of the censorship, those platforms, like FB, twitter, etc., would be able to apply for immunity from the rules if they allowed the FTC to do an external audit check of their algorithms and removals from their platforms were not politically bias. I wouldn't trust the FTC as an exemption or immunity would be granted on a majority basis vote, votes can be bought. Usually when it comes to more regulatory measures the smaller guys get hit the hardest.
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RE: New Bill To Remove CDA Section 230 Protections For Big Tech