This paper assesses the evolving landscape of digital platform governance and competition policy in the European Union (‘EU’) and the United States (‘US’), highlighting their diverging regulatory approaches and the potential for convergence. It evaluates how recent measures in the EU, particularly the Digital Services Act and the Digital Markets Act, contrast with the US patchwork of federal and state initiatives. It examines core issues such as market concentration, content moderation obligations, and the tension between consumer protection and platform innovation. Drawing on legal doctrines and policy frameworks, the paper identifies emerging enforcement challenges posed by complex platform structures, cross-border data flows, and fragmented legislative standards. It investigates whether a harmonized transatlantic approach could mitigate regulatory gaps and reduce compliance burdens on technology companies. By reviewing case studies of platform interventions in diverse market sectors, the paper underscores the difficulties of balancing economic growth, consumer welfare, and fundamental rights. The paper proposes practical strategies for policymakers and legal practitioners in the EU and US, suggesting collaborative rulemaking and shared enforcement instruments to address platform-related concerns whilst preserving each jurisdiction’s legal traditions.