This paper analyzes the normative consequences of the European Union’s Digital Services Act (DSA), arguing that its systemic risk mitigation framework institutionalizes a structure of “censorship by proxy.” By delegating quasi-judicial power over fundamental rights to commercially motivated Very Large Online Platforms (VLOPs), the DSA risks undermining core constitutional principles. This model degrades free speech standards, replacing the public law requirement of necessity with a corporate standard of risk management efficiency, leading to the chilling effect and over-moderation of lawful speech. Furthermore, it erodes public accountability, as the transfer of broad, discretionary power contravenes constitutional doctrines on delegation (e.g., Meroni). The future of free speech under the DSA hinges on robust judicial review that enforces the least restrictive means principle in platform design and on concerted regulatory action that prevents the fragmentation of the single digital market.