It certainly has the potential. One thing we can be sure of is scope and definition creep. First it will be pretty unequivocal stuff, then borderline and finally whatever they decide needs to be covered for whatever motive they find.
When you ban hate speech, you don't ban bigotry. You ban the speech that which the politicians in power hate.<p>For example, here in Canada we have banned hate speech. Has this been used to stop bigots? Absolutely but the vast majority of the use of hate speech laws have been about shutting down political opponents. For example, <a href="https://en.wikipedia.org/wiki/Human_rights_complaints_against_Maclean%27s_magazine" rel="nofollow">https://en.wikipedia.org/wiki/Human_rights_complaints_agains...</a><p>Macleans is a left wing and highly factual publication from toronto. I dont personally read them but ever since Canada ended free speech there has been an ongoing attack to stop political discourse.