On February 19, Wyoming Governor Mark Gordon signed HB 57, which creates a regulatory sandbox program in the state for companies to test innovative financial products and services. Wyoming becomes the second state in the country to introduce a regulatory sandbox program, following Arizona’s sandbox rollout last March, which we previously reported on.
Under the “Financial Technology Sandbox Act” (the Act), Wyoming’s sandbox will be open to innovative financial products and services, including those focused on blockchain and cryptocurrencies. The sandbox will allow testing of these products for up to two years with the possibility of an additional 12-month extension before participants will be required to apply for formal licensure. The application fee is $500. In addition, under certain conditions, the Act – which grants various supervisory and enforcement powers to the state banking commissioner and the secretary of state, including revocation and suspension rights – will authorize (i) limited waivers of specified statutes or rules, and (ii) reciprocity agreements with other regulators. The state banking commissioner or secretary of state will need to authorize or deny a financial technology sandbox application in writing within 90 days of receiving the application.
The Act will take effect on January 1, 2020.
While we are pleased to have you contact us by telephone, surface mail, electronic mail, or by facsimile transmission, contacting Kilpatrick Townsend & Stockton LLP or any of its attorneys does not create an attorney-client relationship. The formation of an attorney-client relationship requires consideration of multiple factors, including possible conflicts of interest. An attorney-client relationship is formed only when both you and the Firm have agreed to proceed with a defined engagement.
DO NOT CONVEY TO US ANY INFORMATION YOU REGARD AS CONFIDENTIAL UNTIL A FORMAL CLIENT-ATTORNEY RELATIONSHIP HAS BEEN ESTABLISHED.
If you do convey information, you recognize that we may review and disclose the information, and you agree that even if you regard the information as highly confidential and even if it is transmitted in a good faith effort to retain us, such a review does not preclude us from representing another client directly adverse to you, even in a matter where that information could be used against you.