Digital Markets, Innovation, and Competition: What Are the Right Tools to Address Existing Concerns?

In response to reports about practices in digital markets that are perceived to be detrimental to innovation and competition, legislators across the global are evaluating the right tools to address these concerns. Whereas in the European Union, targeted regulation was considered the most effective tool, in the United States, proposals have ranged from targeted legislation to suggestions calling for a complete overhaul of generally applicable antitrust laws.

What are the advantages or drawbacks of targeted legislation versus antitrust overhaul, and how should either inform the ongoing debate in the United States?