Verified was originally sold as twitter saying the account belonged to a verified person or business. We could trust it was that person or organization and not some fake account.
This isn't true anymore and they should rename it to something else. The other part is that their are apparently some advertising requirements associated with verified for businesses.
Conversely, the person whose previously doxxed him - also violating the Twitter ToS - should be punished too.
Twitter just need to have a concrete set of rules (objective not subjective) and enforce it consistently regardless of politics or celebrity status.
Apparently that tweet was a joke to a friend (another conservative commentator).
Which just illustrates the problem: it's really really hard to regulate speech fairly
If he broke their TOS he should be banned. Verification is saying "This person is the person they claim to be." Removing the verification is stupid and petty. Milo didn't stop being Milo.