Things are escalating quickly after Twitter (NYSE:TWTR) applied a fact-checking label to President Trump's tweet about the potential for fraud with mail-in ballots. An executive order is now set to be published today that would reportedly open the door for federal officials to punish social media companies - for the way they moderate content - by allowing regulators to rethink Section 230 of the Communications Decency Act. The law largely exempts online platforms from legal liability for the material their users post, and such changes could expose tech companies to more lawsuits. The order would also address political bias on the platforms and review advertising spending on platforms like Twitter, Facebook (NASDAQ:FB), Google (GOOG, GOOGL) and Snap (NYSE:SNAP).