HB2906

THE CONTEXT: The Attorney General (AG) administers and oversees the Program, which enables persons to obtain limited access to Arizona's market to test innovative financial products or services or other innovations without obtaining a license or other authorization. An innovation is the use or incorporation of new or emerging technology or the reimagination of uses for existing technology to address a problem, provide a benefit or otherwise offer a product, service, business model or delivery mechanism that is not known by the AG to have a comparable widespread offering in Arizona.

WHAT THE BILL DID: The final vetoed version would rename the "Regulatory Sandbox Program" to the "Financial Technology, Digital Assets and Blockchain Sandbox Program.", define d igital asset and financial technology, digital assets and blockchain sandbox, and add that an innovation includes a digital asset. (3).

WHY IT MATTERED: The practical reason for this bill was to make the government process for financial technology more definite and accountable. It would rename the "Regulatory Sandbox Program" to the "Financial Technology, Digital Assets and Blockchain Sandbox Program.", and would also define d igital asset and financial technology, digital assets and blockchain sandbox, rather than leave the current rule unchanged.