[FarMcKon]

This is a false dichotomy presented to people. By framing this as 'Giant government, or giant business?" you are going to get crap answers.

None of these are one size fits all solutions, and there should be a mix. We have a working patch-work of laws in physical space, for a reason. It allow flexibility, and adjustments as we go, as the world changes. We should extended that to virtual space as well.

Age / Content Labeling and opt-in/ opt-out for some content. Outright ban on other kinds of content. A similar "I sue when you abuse my content" for copyright, impersonation, etc.

One size does not fit all, and is not how the real world works. Online shouldn't work much differently.