This is a good question that would require a long debate to answer, but the answer obviously is neither of these two extremes:

- Every entity except the US govt is allowed to enforce consequences for speech

- there should never ever be any consequences for any speech ever

It is funny to see this type of comment downthread of a criticism of bothsidesism. You set up a spectrum in which one "extreme" is the status quo of American culture going back generations and the other "extreme" is a seemingly impossible to achieve idea for which I have never seen a single reasonable person advocate. One of those is a lot more extreme than the other. The only reason we are even having this conversation in this thread is because the Trump administration is trying to be more extreme than your first "extreme" by having the US government inflict consequences for speech.