Edit: See thread below, the EARN IT act does not in any way reclassify the designation of social media companies under section 230 or solve the issues mentioned in this post with 230. The change to 230 just provides exceptions for CSAM. However, keep reading if you want background on 230 and why many people are trying to change it.

I want to provide some background on section 230 which the EARN IT act proposes to amend. I was against regulating social media companies, then I researched and wrote a paper on misinformation and changed my opinion on whether or not any policy action should be taken. I'm not saying the EARN IT act is correct (Edit: It's not), but here are some excerpts with sources on why I believe Section 230 should be amended in some way. I hope it makes more clear the reasons people want to change section 230.

Social media companies currently enjoy protections from Section 230 of the Communications Decency Act of 1996. For reference, Myspace was launched in 2003. Section 230 allows social media companies to be classified as interactive computer services and not information content providers (Gallo, 2021). Due to this designation, social media companies are not responsible for the content they distribute. Even media companies in America are still held responsible for libel or false information designed to incite immediate violence or public harm (FCC, 2021) which social media companies are not. The media is still provided many freedoms guaranteed by our constitution while being held responsible for gross negligence.

Social media companies do not adequately moderate the content they promote to their users, allowing members of society to be presented misinformation by domestic and foreign actors resulting in polarization, the propagation of false facts, and the loss of faith in our democratic electoral process. Social media algorithms, motivated by financial gains, promote divisive content and have little incentive to prevent the distribution of false information. This false, divisive information comes from internal actors, such as those who want to discredit climate change and COVID facts. It also comes from external actors, such as Russia, who want to destabilize our democratic systems and influence our policy choices in their best interest.

For example, YouTube shared videos containing COVID-19 misinformation 20 million times, generating 71 million reactions in eight months (Gallo, 2021). Russia's Internet Research Agency (IRA) is a private organization funded by a close confidant of Putin (Bowen, 2021). Eighty thousand posts were made on Facebook by IRA-controlled accounts in two years, reaching 126 million users. The IRA even organized political rallies in the United States through these accounts (Mueller, 2019). Intelligence services have determined that Russia uses its cyber teams to "undermine public faith in the U.S. democratic process," as Russia's influence operations demonstrated in the 2016 election against Hillary Clinton (Sayler, 2021).

I'm not saying that social media companies should be held to the same standard as content creators or the media, or that the EARN IT act is right. I haven't looked at the implications of that. However, the current law is outdated and something needs to change the incentives of social media companies to prevent these externalities (influencing elections, misinformation, etc) from effecting our population.

FCC. (2021, January 8). Broadcasting False Information. Federal Communications Commission. https://www.fcc.gov/consumers/guides/broadcasting-false-info...

Gallo, J. A. G., & Cho, C. Y. C. (2021, January). Social Media: Misinformation and Content Moderation Issues for Congress (No. R46662). Congressional Research Service. https://crsreports.congress.gov/product/pdf/R/R46662

Mueller, R. S. M. (2019, March). Report On The Investigation Into Russian Interference In The 2016 Presidential Election, Volume I of II. U.S. Department of Justice. https://www.justice.gov/archives/sco/file/1373816/download

Sayler, K. M. S., & Harris, L. A. H. (2021, June). Deep Fakes and National Security (No. IF11333). Congressional Research Service. https://crsreports.congress.gov/product/pdf/IF/IF11333