The “marketplace of ideas” metaphor in the free speech theory urges that “more speech”, instead of enforced silence, is rightly the remedy to avert the evil of the falsehood and fallacies. However, some advocates maintain that the government should take some positive measures to combat the so-called “fake news” (disinformation) because nowadays the thriving social media would aggravate the damage and harm resulted from the fake news. They believe, without government intervention, the fake news will gradually erode the democratic process in this Internet era. Through examining the propositions from both of the pro-regulation and anti-regulation camp in light of the freedom of speech, this article suggests that “the problem of information is best rectified by the information”. Accordingly, for well-managing the fake news issue, the state should mainly rely on soft measures, such as promoting the third-party “facts-checking” mechanism, and encouraging social media to adopt the “notice-and-flag” policy. And if the coercive punishment is meant to be imposed by law, the “dis-integration” approach, which the penalty is prescribed by individual administrative enactment rather than by one united code, is a more desirable way.