Regulatory Sandboxes in Your State
- In 2022, Representative Doug Welton sponsored House Bill 386 and Senator Lincoln Fillmore sponsored Senate Bill 191, which gives education the sandbox treatment. This article outlines the potential for innovation in education.
- In 2022, Representive Cory Maloy spearheaded the sandbox consolidation effort with House Bill 243, which brings Utah's preexisting fintech and insurance sandboxes into Utah's universal sandbox. Learn more about the benefits of streamlining the sandboxes in our recent blurb.
- In 2021, Representative Cory Maloy acquired unanimous support for House Bill 217, which expands the regulatory sandbox to all industries and aids the state in its economic recovery post-COVID-19. We discuss the importance of Utah's all-inclusive sandbox to the state's economic recovery in our write-up.
- In 2020, the Utah Supreme Court launched a sandbox to revolutionize how legal services are offered while increasing accessibility to low-income individuals. This article confirms the importance of increased access.
- In 2020, Representative Adam Robertson sponsored House Bill 402 to encourage innovation in the insurance industry. Find out why this departure from the status quo is important by checking out our commentary.
- In 2019, Utah's State Legislature unanimously adopted Representative Marc Robert's House Bill 378. This bill established the state's first sandbox, by way of financial technologies (fintech). Our write-up details the benefits of allowing creativity in the fintech space.
What is a Regulatory Sandbox?
In short, a regulatory sandbox is a set of rules that allow businesses, usually within a specific industry, to test themselves in the market for a set period of time — generally two to three years — without being subject to any particular set of regulations. This is especially helpful to new businesses with innovative products, services, and/or business models that don’t neatly fit into a single industry. At the end of that set time period, the business and its results are evaluated to determine what, if any, regulations should apply to it.
Libertas Institute is the national pioneer in regulatory sandboxes, helping Utah pass the country’s first all-inclusive regulatory sandbox—benefitting businesses in every industry. This broad proposal is the culmination of a years-long effort we’d love to share with you so you can consider the optimal strategy and timeline for your state.
Interested in learning more about regulatory sandboxes and getting in touch?
What About Other States?
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