In just a few decades, digital technology has become an essential component of our societies. The regulation of digital infrastructures, such as telecommunications networks and data platforms, represents a major strategic challenge. It requires massive investment and raises complex issues of sovereignty, equitable access and the distribution of value. However, the economic principles supporting analyses and decisions are still based on an outdated vision of the economy based on an industry model that is very different from the infrastructure model. Regulation must also adapt to rapid technological and market change, while managing the systemic risks associated with cybersecurity and network reliability. This article examines these challenges and suggests ways forward for effective and fair regulation.