One of the most diffi cult considerations for regulators is how to deal with industries undergoing rapid change and innovation like that of the P2P industry and Internet fi nance more broadly. The United States and China have not yet issued regulations specifi c to P2P, but the results have been night and day. It seems that existing regulations in the United States have been mostly suffi cient in ensuring P2P platforms abide by the regulatory norms followed by more established fi nancial institutions. For example, companies like Lending Club are subject to a thicket of national and state regulations.