Achieving responsible consumption and production is an important goal among the Sustainable Development Goals (SDGs); the concept of a sharing economy is frequently viewed as essential for achieving the goal. Sharing economy refers to the short-term utilization of underused assets by various participants within a network economy, made possible by digital technology advancements, particularly sharing economy platforms (SEPs). However, big for-profit players own many of these platforms, and their operations significantly disrupt traditional business models, possibly negatively affecting the economy and society. Therefore, calls have emerged for effective regulation to find the balance between maximizing possible public good and reducing or avoiding unwanted side effects. The present paper explores the existing literature on the issue and then provides suggestions for possible regulatory approaches. The paper follows the distinction between regulation and legislation suggested by some authors and insists that regulatory focus should shift from textual efforts, including capturing the moving target of SEPs in a concise legal definition, towards the development of a new institutional system that would use multiple instruments of “non- regulatory regulation,” including algorithmic regulation. Such a system should target whole markets with both traditional and digital players, seeking to maximize the possible public good through regulatory practices that are rights-based, transparent, and leveling the playing field, opening and not restricting market access.