Regulatory sandboxes are a mechanism used by states to identify unneeded red tape and fast-track innovative businesses with good ideas to the market.
Regulatory sandboxes grant businesses a space to operate free from burdensome and outdated regulations for a set period of time, while still undergoing oversight to protect consumers’ health and safety. This gives policymakers time to safely test and learn the effects of waiving certain regulations before deciding whether they should be reformed or repealed.
There are currently numerous regulatory sandboxes across the country, including in Arizona, Utah and West Virginia. These sandboxes work in slightly different ways, but all promote flexibility and innovation while maintaining strong protections for consumers.
Establishing a regulatory sandbox in Montana will help our state become a destination for innovative businesses across the country.