FOR IMMEDIATE RELEASE
January 28, 2021
CONTACT: Emerson W. George
JAMES MADISON INSTITUTE RELEASES NEW REPORT ON EXPANDING REGULATORY SANDBOXES
TALLAHASSEE – A new report from The James Madison Institute’s Center for Technology and Innovation entitled “Expanding Regulatory Sandboxes to Fast-Track Innovation” examines how Florida legislators can expand regulatory sandboxes to unleash innovation across a wide variety of industries.
A regulatory sandbox is an environment where pioneering companies may safely experiment under the watchful guidance of regulatory agencies. Regulatory sandboxes help innovative, new firms fast-track their products and services to market while maintaining an appropriate level of government oversight. Firms that successfully complete a sandbox program will grow enough to become a full-fledged business that is regulated as every other incumbent.
With Florida’s financial technology (fintech) sandbox beginning operations this month, the Sunshine State is at the cutting-edge of embracing new industry solutions, having adopted this program just four short years from the time that the United Kingdom first initiated the concept of a fintech sandbox.
As lawmakers continue to look for solutions to recover from the fallout of COVID-19, Florida’s unique fintech sandbox policy presents an opportunity to create regulatory sandboxes in more industries or even an industry-neutral, “general-purpose” sandbox. This will open up new possibilities for access to affordable and innovative products and services that are needed now more than ever.
“In many industries, it is exceedingly difficult for new companies to gather the institutional capital and legal language required to navigate established regulatory structures, often shutting innovative new products, services, and companies out of the market. By expanding upon and creating new regulatory sandboxes, Florida lawmakers have an opportunity to promote economic growth and bring in new cutting-edge industries that will unleash the power of innovation in the Sunshine State.” – Andrea O’Sullivan, Director of the Center for Technology and Innovation, The James Madison Institute
To read “Expanding Regulatory Sandboxes to Fast-Track Innovation,” click here.
The James Madison Institute is a 501©3 organization dedicated to the ideals as limited government, economic freedom, federalism and individual liberty coupled with individual responsibility. The institute conducts research on such issues as criminal justice, health care, taxes and regulatory environments.