We're on it right now, Coyote. Social media and anonymous sites are giving people a chance to nurture their hate. This country has made a poor choice with its interpretation of the 1st Amendment, as well, and allows speech that is way outside the realm of acceptable discourse. Put the two together and you've got.....this past week.
If you mean discourse that includes specific, violent threats, I agree. Anything else is protected and should be protected. Even if it's vile and repulsive. The way to counter vile and repulsive speech is to tell the speaker it's vile and repulsive, not to shut it down. That's American.
If you don't do that, you end up with the morass in Europe, where it's not "illegal" to call Mohammad a pedophile, even though he married a 9 year old. Now, would I call him a pedophile? No. Would I hesitate to truthfully say he married a 9 year old? no. And you might notice I engage with people who are critical of my faith as well.
That's Free Speech, and the beauty of free speech. We must have it to remain free.