The digital transformation “revolutionizes” entire economies and societies in a Schumpeterian sense. This paper analyzes three current policy debates with respect to the question, whether and to what extent also radical legal innovations might be necessary for ensuring a proper coevolution of the legal and regulatory framework with respect to the disruptive technological and economic change on digital markets. These discussions encompass (1) the new challenges for competition policy through the large tech firms with far-reaching reforms, e.g., the EU Digital Markets Act, (2) the new huge threats to privacy, and the serious concerns whether the data protection law instrument of “consent” can deal with this problem effectively, and (3) entirely new questions about the governance of data (data access/sharing etc.) with the development of a new (so far not existing) field of data law. In all three of these policy fields traditional legal and regulatory concepts do not seem to be sufficient any more, leading to the conclusion of the need for developing new concepts and policy approaches for ensuring a proper coevolution of the institutional framework for the economy and society.