The bill SB1366 aims to expand the definition of "innovation" within the Arizona Regulatory Sandbox Program by including the use of blockchain technology. Under current law, "innovation" is defined as the use or incorporation of new or emerging technology or the reimagination of existing technology to address a problem or provide a benefit. The new bill modifies this definition to encompass a broader range of ideas, specifically stating that it includes "a new or existing idea or a new or emerging technology or a new use of existing technology," explicitly mentioning blockchain technology as part of this definition.

Additionally, the bill introduces a formal definition for "blockchain technology," aligning it with existing statutes. It also makes various technical and conforming changes to the language of the law. The Governor vetoed the bill, expressing concerns that its broad scope could undermine the original intentions of the Sandbox, which is designed to allow limited testing of innovative financial products or services without the need for a license.

Statutes affected:
Introduced Version: 41-5601
Senate Engrossed Version: 41-5601