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Crowdfunding has gained increasing attention from regulators and policymakers worldwide, yet responses have varied due to its hybrid position between direct and intermediated finance, diverse business models, and limited evidence on market failures that would justify regulatory intervention. This book provides a comprehensive analysis of how market- and regulatory-based mechanisms of investor protection interact in the crowdfunding sector and proposes a risk-based regulatory framework. It compares financial-return crowdfunding to traditional finance actors, examines how information asymmetry is addressed through voluntary disclosure, issuer signalling, and platform gatekeeping, and explores the economic functions of self-regulatory frameworks adopted by crowdfunding associations in Europe. The book then turns to the role of law in addressing residual risks and accommodating the re-intermediation roles of platforms. Finally, it presents empirical evidence on the effects of the UK's bespoke crowdfunding regulation on market outcomes. This book will appeal to scholars and students in law, economics, and finance, as well as to regulators and policymakers seeking a deeper understanding of crowdfunding markets and their regulation.