Not sure why this is modded up - it's incorrect.
First, state laws do not have any "greater leeway" than federal laws regarding speech restrictions. The First Amendment is "incorporated" upon the states, which means it is applied and analyzed the same way at all levels of government - local, state, or federal. If anything, some states are more restricted in their ability to police speech since they are additionally subject to their own state constitutions, many of which contain speech protection provisions which have been interpreted differently than the federal Constitution. Since both the federal and state constitutions apply to states (but only the federal Constitution applies to the federal government), states are left with the most-restrictive combination of both sets of interpretations.
Second, "hate speech" does not fall within the established definition of obscenity, unless the specific statement in question actually does meet all the criteria for obscenity - in which case it's merely coincidental that the statement also happens to be "hate speech" according to someone's definition, in addition to meeting the criteria for obscenity. There isn't another argument to be made on this. This has been litigated to hell and back - it's not a new issue or a new set of questions. "Hate speech" is not a legally-defined term in American constitutional jurisprudence, except that several cases have specifically invalidated "hate speech" legislation by drawing the clear distinction between obscenity and "hate speech", usually pointing out that the latter lacks a clear definition and is inherently meaning-based, while determinations of obscenity are based on more superficial characteristics of the presentation rather than its underlying message (indeed, the presence of an actual underlying message renders the content non-obscene even if the same material would be obscene if it lacked a real message).
TL;DR: Hate speech is free speech in the United States. This ain't a new issue, and it ain't an open question.