innovation

Known as a “regulatory sandbox,” this new legal option allows business owners to seek shelter under a one-year program (with a one-year extension option), which would suspend a law or regulation that stands in their way, while regulators closely monitor the business to ensure everything remains safe.
As the state looks to recover from the pandemic, it needs to do everything in its power to position businesses to get back on their feet and be successful moving forward. Regulatory reform can offer a promising avenue to explore, as regulations impose numerous costs to both businesses and consumers alike.
This bill creates an all-inclusive regulatory sandbox so innovative companies and business models can be shielded temporarily from punishment for coming into conflict with outdated laws or regulations.
If the COVID-19 pandemic has taught us anything, it’s the importance of having the ability to adapt in the face of rapidly evolving events and public needs. Unfortunately, the crisis has illustrated how inept many government institutions are in this regard.
A year has passed since the Utah Supreme Court initially green lighted a legal services sandbox in the state—a first-in-the-nation endeavor. The program is now up and running, with the Court recently establishing the regulatory sandbox pilot program.
It’s time to build on this momentum to expand regulatory relief to entrepreneurs and innovators in any industry, rather than a select few.

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