The story is not about the US determination. The US makes many insane determinations every day. The story is about an Italian entity with zero ties to the US, with several Italian court rulings in its favor, being forced to comply anyway. Not just comply but shut down.

If they're really good they're about to start an identical but legally distinct organisation, but I think they're retiring.

Who's talking about your right to free speech? The point is that the US is infringing on these Italians' right to free speech, which they have independent of your national mythology, because y'know, it's not exactly a novel concept around here.

Americans can be so self-absorbed sometimes, they apparently think they're the only ones with rights or that their constitution matters anywhere outside their borders. Whatever rules you have for whoever, they don't apply in Italy.

The point is that this move was an unacceptable violation of our rights here and our sovereignty, as defined by us. We don't like brash foreigners coming in and abusing systems we set up in the spirit of cooperation to extort us, no matter the stories they tell themselves.

This is precisely why Europe is working on initiatives to decouple from the American payment system as we speak.

As a result of this extraterritorial aggression I expect further deterioration of global US standing and with it, further weakening of its power. In a way, I even agree with your last sentence, but do be aware that precisely this is currently being worked on and you probably won't enjoy its results.