With the exception of certain laws, like those related to slander or defamation, lying is protected speech. Lying on Facebook is protected speech. Lying on Instagram, Twitter and TikTok is protected speech. The algorithms aren't the fault or responsibility of the private citizens exercising their free speech rights.
If Facebook, Instagram, Twitter etc want to, on their own accord, work to limit the spread of lies on their platform, I am 100% okay with that. All those platforms can allow or disallow whatever they want. If blue sky wants to not allow a single conservative user, go for it. However, I don't think it's okay, or constitutional, for the federal government, which is arguably the most powerful entity in the world, to ask social media companies to censor protected speech.