Many people will ask who gets to decide what a lie is? This mentions an "independent judicial process". Courts and juries generally have a good record of establishing truth, so it will be interesting to see how this works.
One of the little realized aspects of so much of 21st-century politics being lies - is how inefficient it makes life. Technology and change are accelerating. Yet every instance our political discourse wastes time countering lies, it's taking valuable time away from solving problems.