Welcome to the District of Columbia Financial Services Regulatory Sandbox and Innovation Council
The Council is charged with two primary missions for the District: (1) studying and reporting on the feasibility of implementing a financial services regulatory sandbox; and (2) developing a blockchain and innovation regulatory framework to facilitate financial services. If a sandbox is feasible, the Council will provide a report with legislative, programmatic and policy recommendations to the Mayor.
The membership of the Council is a cross section of professionals from the insurance, securities, captive insurance and banking industries; the technology industry; financial services regulatory professionals; and consumers representatives. The Council will issue a report on the feasibility of establishing a sandbox; the Council also will review and help administer the regulatory sandbox.
By fostering innovation and allowing new products and services to come to market, a sandbox can benefit consumers by increasing choice and reducing costs. This is especially important for consumers traditionally underserved by current financial services. Technology innovations can lead to more affordable products and services, new distribution channels that reach excluded groups, operational efficiencies that make it possible to serve low-margin customers profitably, and better compliance and risk-management approaches.