Twitter's deverification of Milo Yiannopoulos was a shot across the bow. They're probably testing how much they can get away with.
Reporting Twitter to Twitter is not going to work. We will need to go over their heads to their investors and make them pay.
As a first step, if you have a Twitter account, use the $TWTR cashtag (in addition to the @twitter username mention, if you like) in association with news about this incident to inform Twitter investors, who regularly check the cashtag results.
As a secondary step, we should try tracking down contact info for major Twitter investors and reaching out to them.
If we don't do this now, we may lose the Twitter front, and that would be very bad.