The Arizona attorney general 's office has created a fintech sandbox that will enable start - ups to sell products and create businesses with reduced regulation , and which has access to customer data . The move followed calls by the US Treasury Department for an overhaul of fintech regulation , a new fintech charter and the creation of more sandboxes . However , some legislators have opposed them . mark Vullo , the superintendent of the New York Department of Financial Services , said : " Toddlers play in sandboxes . Adults hurt by the rules , " while governor and SEC commissioner Hester Peirce said sandboxes put regulators and those regulated too close together .
The Arizona attorney general's office has created a fintech sandbox that will enable start-ups to develop products and create jobs with reduced regulation, and which has access to customer data. The move followed calls by the US Treasury Department for an overhaul of fintech regulation, a new fintech charter and the creation of more sandboxes. However, some regulators have criticised them. Mario Vullo, the superintendent of the New York Department of Financial Services, said: "Toddlers play in sandboxes. Adults play by the rules," while Republican and SEC commissioner Hester Peirce said sandboxes put regulators and those regulated too close together.