Social media has presided over an explosion of innocent misinformation and weaponised disinformation alike. While other structural changes in society have contributed to the prevalence of false narratives, the largely unregulated landscape of digital platforms has fundamentally altered who can publish content, as well as how quickly and widely it spreads. And while misinformation and disinformation occur online, their often devastating consequences, from incitement of ethnic violence to election interference to preventable COVID-19 deaths, occur in the real world. This chapter considers the evolution of misinformation and disinformation online and how governments are safeguarding their democracies from this threat. It examines the range of responses, from deference to the self-regulatory capacity of digital platforms themselves on the one hand to the imposition of coercive legislative control over social media content on the other. It then turns to Australia’s proposed law, a co-regulatory structure in which platforms and governments each play a role in addressing misinformation and disinformation online. It looks at how the proposal balances the need to deal with false content with the need to respect freedom of expression and ultimately it assesses the powers and obligations contained in the proposal, as well as their limits and consequences.