The Blue Book on the Rule of Law in China: No.16 (2018), written by a group of scholars and experts organized by CASS Law Institute, was recently published by Social Sciences Academic Press. In the book, it is proposed that China should take the opportunity of the revision of the Securities Law to adopt basic legal rules on equity-based crowd-funding and other typical forms of Internet finance, so as to provide a clearer and more authoritative guidance for the practical operation in this field. The Blue Book pointed out that, in 2017, the two keywords in the field of Internet finance were “financial innovation” and “regulated development”. On the one hand, with the rapid development of Internet finance and financial technology, breakthroughs and innovations in the fields of big data, cloud computing, blockchain, biometric identification, and artificial intelligence have been emerging in an endless stream; on the other hand, many risks accumulated in the process of “barbaric growth” of Internet finance remain to be address, the clean-up and rectification work will continue, and regulatory policies and measures have been adopted one after another. The Blue Book points out the main problems existing in the current legal system and practice of Internet finance in China, including defects in the relevant laws and regulations, the incompatibility between the existing regulatory mode and methods and the actual needs, the vagueness of the overall logic of regulation, and the weak consumer protection. To meet the need of comprehensive advancement of the rule of law, China needs to strike a balance between innovation and regulation of Internet finance, improve the relevant laws and regulations, and strengthen the overall regulatory capacity. Meanwhile, the Blue Book suggests that the government properly deal with the relationship between institutional regulation and functional regulation and, while continue to give full play to the positive role of institutional regulation in the prudent regulation of financial institutions and overall risk control, strengthen the regulation of functions and behaviors by taking “same regulation for same functions” as the basic logic, so as to reduce as much as possible regulatory arbitrage space, and create a fairer environment of competition in the field of Internet finance. To this end, China should take the opportunity of the establishment of Financial Stability and Development Commission to comprehensively upgrade and strengthen the existing regulation and coordination system, improve the coordination between regulatory organs at the central level and those at the local level, take Internet finance into overall consideration in the construction of a prudent macro regulation system, and hold the bottom line of preventing systematic risks.