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"Notwithstanding paragraph (1), an owner or operator of a social media service that displays user-generated content in an order other than chronological order, delays the display of such content relative to other content, or otherwise hinders the display of such content relative to other content, if for a reason other than to restrict access to or availability of material described in paragraph (2)(A) or to carry out the direction of the user that generated such content, shall be treated as a publisher or speaker of such content."

Can someone explain the legal implications of this? What does this mean for algorithmic feeds?

It appears that by "redefining" - - - - such that social media co's posts are to be treated as speakers / publishers - - - freedom of speech and liability shall now be assigned to these companies, sort of a "leveling of the playing field". This appears to be a reaction to Google and Facebook rather obviously constraining conservative speech/news.