Fair point, I don`t know where the balance is, but making it a government issued license is in hindsight quite certainly a retarded idea.
The balance is hardest to achieve.
[CONTENT WARNING]Here goes autism[CONTENT WARNING]
If the state has to intervene to fix social issues and societal rot&decay, in which random civilian shootings/terrorism fit, your society is likely too far gone and in terminal decay already.
The best way to fix social issues (like fags being too faggy and trannies being obnoxious narcissists) is through Implicit Social Norms, that are implemented at a societal level, without state intervention being needed. It's what keeps the various closets filled with uncouth characters that we don't want populating civilized society - like insane people, homeless, hard drug addicts, incels, pedos, and all sorts of sexual deviants and fetishists.
The closets can be the psychiatric ward, the margins of society, some hippie commune or gypsy "tribal land" etc.
The moment state has to intervene to fix and control speech, or to bash the fash, or to bonk the gays, the population is no longer doing the thing it needs to be doing. Fags on the street are no longer being given long, harsh looks. Pride parades are no longer met with rotten eggs and tomatoes. Trannies and drag queens are entertaining children without consequence. Incels are hating on half of the population in isolated enclaves, seething slowly until they erupt. Migrants and vagrants occupy streets and parks that were once populated by young mothers with children.
When societies have a controversial issue to solve, the best way is to allow it to reach an organic consensus through debate, discussion, and eventually voting - but only if you can vote on controversial issues. You cannot vote to stop HRT and SRS. You cannot vote to expel economic migrants. The debate is rigged, and populations are not allowed an organic path towards consensus forming.
So open up this path, and a consensus will be eventually formed, one side will lose, another will win. Don't attempt to barge in with the state. The state should not have the role of preventing controversial speech. That's up for NORMAL people to challenge.