Update (0850ET): Fox Business has just confirmed that President Trump plans to sign an executive order to implement everything we've discussed below.
FOX Business Network confirms that the President Trump is considering an Executive Order regarding social media companies. The EO would examine the legal protections that social media companies enjoy. #SocialMedia— Edward Lawrence (@EdwardLawrence) May 28, 2020
Fox reporter Edward Lawrence claims that the order will "examine the legal protections" enjoyed by these companies, suggesting that the administration will also lay out its legal rationale for regulating speech on these platforms in this way.