This paper aims to analyze the dynamics of financial regulation – mainly banking regulation – on an international level. It takes the 10th year anniversary of the Global Financial Crises as an opportunity for this reflection. In order to do that, the first step is a conceptual analysis of banks, banking system, risks and regulation. Following that, the paper tries to assess the impacts of the GFC on banking regulation, pointing out that the swings on regulation have to be understood in a broader context, which takes in consideration the different stages of capitalism. That said, one can notice that regulation moves like a pendulum, swinging from a more pro-market framework to another in which the regulation imposes more barriers to the functioning of banks. Besides, the paper points out that, no matter from where you depart in terms of a more or less pro market regulation, competition among banks, and the need they have to innovate in order to survive in the market, will change regulation endogenously, taking to a more fragile environment.