I could see that backfiring pretty badly. Just think of all the politicians who want to regulate (or even try to ban citizens from using Bitcoin) being able to say it's chock full of 'Hate Speech'.
It's hard to ban at this point - they could limit cashing out options, but the blockchain itself will live on as long as there are some places in the world where you can cash out.
I take the stance that the government can't actually ban or regulate Bitcoin - In the sense of changing the protocol or shutting it down. However the government can absolutely regulate my use of it as a citizen.
