I can see it playing out as a case of the social media platforms erring on the side of being over cautious & just taking down any post that gets close to what the govt guidelines on misinformation are. 

No prosecution even required. The threat of 5% of their global revenue on the line means the govt will effectively outsource the policing to them. 

The average normie won’t even notice the difference in their feeds, the posts just won’t be there.