I suspect he'll grant new draconian powers with NO congressional approval whatsoever. "His" FCC will comply, WTF lawsuits will be filed, Twitter shuts up, and he amps up his mail-in ballot propaganda!
If that really is the case, to pretend that this is straightforward feels somewhat disingenuous. Surely there is a boundary somewhere at which a media platform is no longer simply a provider of an interactive computer service-- though I won't pretend to know where it is.
In my view, the problem with Twitter's action isn't that they engaged in a form of editorializing, it's that (as far as I can tell) they have no explicit policy on how and when they apply the fact-check label. Absent such a policy, it is impossible (ok, maybe just very difficult) to gauge what level of reporting bias is present. If such a policy existed, one could imagine processing a data set matching the policy to determine how closely their actions align with the policy. Absent such a policy, it become a he-said she said argument about bias-- the right will contend Twitter applies the label to them more than the left, and the left will counter that the right lies more and that's why.