This chapter focuses on the initiatives that have shaped the international regulatory framework for financial markets and financial innovation, and on how independent agencies have contributed to establishing checks and balances (to ensure an adequate level of disclosure, accountability, efficiency as well as investors and consumers’ protection) from the perspective of the continuous regulatory and administrative competition between states to attract business and achieve economic development. Notably, we focus on the most innovative financial regulatory events of the last century, i.e. the reforms of securities markets after the crash in 1929 and of the over-the-counter (OTC) markets and Too Big To Fail (TBTF) banks after 2008, to draw conclusions that can apply to crypto-finance (understood as finance based on Distributed Ledger Technology (DLT) systems like blockchain). This chapter proposes a comprehensive regulatory framework for crypto-finance; building on the tradition of US and EU administrative law. We propose a framework based on a specialised regulation for disclosure that considers the particularities of crypto-finance and the underlying technology; and the creation of a specialised agency with expert officers and administrative judges. Such an agency should be dynamic to protect investors from wrongdoers and be in constant interaction with service providers to facilitate innovation within controlled environments and anticipate emerging risks. This regulatory system should be decentralised as a guarantee of independence and to promote experimentation; i.e. supra-national organisations should identify the key regulatory goals and leave room for each competent authority to innovate in how to achieve them. As there is no absolute truth in regulatory matters, countries need to regulate in ‘co-opetition’, cooperating while competing.