Washington, D.C. Mayor Muriel Bowser recently established the District of Columbia Financial Services Regulatory Sandbox and Innovation Council (the “Council”). The Council has been tasked with analyzing and reporting on the viability of implementing a financial services regulatory sandbox in the District. The Council is also charged with developing a blockchain and innovation regulatory framework to promote financial services innovation in the District. If a sandbox is determined to be feasible, the Council will provide legislative, programmatic and policy recommendations for the mayor’s consideration. The Council will be comprised of professionals from the insurance, securities, captive insurance, banking and technology industries, consumer representatives and financial services regulatory professionals. The Council will be chaired by the Commissioner for the Department of Insurance, Securities and Banking. Mayor Bowser has requested that the Council report on its findings within six months.
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