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The Attorney General's Office of Arizona opened the first fintech sandbox in the United States, allowing financial services startups to bypass bureaucracy and start testing their products with real consumer data.
By inviting applications from start-ups to join the program, Arizona attorney general Mark Brnovich, states: "Arizona has always been a state for great ideas and pioneers, and this is just a another place where we are ready to be the first: our fintech sandbox will open the door to economic growth, new jobs and innovative products that can make everyday life easier and safer. "
a week after the US Treasury Department called for a radical overhaul of financial technology regulation, supporting a new fintech national card, the introduction of sandboxes and the opening of access to data from consumers.
Arizona sandbox has been in operation for some time. Paul Watkins, the lawyer who helped set up the rules that govern the opening of the sandbox, was recently recruited by the Office of Consumer Financial Protection to create an equivalent system for the agency .
Not all US regulatory bodies are on board the idea.
Hester Peirce, a Republican who became a commissioner of the SEC in January, recently took a step forward in the trend, claiming that the sandbox approach puts regulators and regulations too close.
Mario Vullo, superintendent of the New York Department of Financial Services was more noisy, stating: "The idea that innovation can only flourish by allowing companies to circumvent laws that protect consumers, and which also safeguard the markets and mitigates the risks to the financial services industry, is absurd.
"Toddlers play in sandboxes. Adults play according to the rules. "
In Arizona, the sandbox will be administered through the Consumer Protection and Advocacy section of the Arizona Attorney General & # 39; s Office with a brief act to act quickly if necessary to protect consumers, stop the proceedings deceptive and working with entrepreneurs to solve problems
According to Brnovich, while this program encourages innovation by mitigating some regulations, its office remains committed to "enforcing applicable laws and does not tolerate failures in maintaining safeguards" of consumers ".
