According to a recent study published by PricewaterhouseCoopers (“PwC”), regulatory uncertainty is the biggest barriers to wider business adoption of blockchain technology. Given this problem, it should not be surprising that one of several key recommendations made by the U.S. Treasury in its July 31, 2018 report A Financial System That Creates Economic Opportunities-Nonbank Financials, Fintech, and Innovation (Treasury Fintech Report”) was the following:

Treasury recommends that federal and state financial regulators establish a unified solution that coordinates and expedites regulatory relief under applicable laws and regulations to permit meaningful experimentation for innovative products, services, and processes. Such efforts would form, in essence, a “regulatory sandbox” that can enhance and promote innovation. If financial regulators are unable to fulfill those objectives, however, Treasury recommends that Congress consider legislation to provide for a single process consistent with the principles detailed in the report, including preemption of state laws if necessary.