States like Louisiana and North Carolina are eager to attract technology companies and promote innovation by temporarily lifting government red tape that stands in the way. But they are running into a big federal problem. States don’t have the power to waive federal financial regulation and licensing requirements even in the interest of allowing a company to experiment. This experimenting space is called “regulatory sandboxes,” and the end result can be innovations that help consumers gain access to innovative services, pay bills or even get legal services.
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