As online platforms become central to our democracies, the problem of toxic content threatens the free flow of information and the enjoyment of fundamental rights. But effective policy response to toxic content must grasp the idiosyncrasies and interconnectedness of content moderation across a fragmented online landscape. This report urges regulators and legislators to consider a range of platforms and moderation approaches in the regulation. In particular, it calls for a holistic, process-oriented regulatory approach that accounts for actors beyond the handful of dominant platforms that currently shape public debate.