Sarah Hody were quoted in the International Business Times article, "Blockchain Technology Regulations: What US Can Learn From Singapore," commenting on the lagging regulatory framework for virtual currency businesses in the U.S. and noting a few constructive workarounds for regulators who want to make a hospitable environment for tech startups.

It can often take several years for new regulatory frameworks to go from idea to law. For example, New York drafted the BitLicense regulation for virtual currency businesses in 2014, signed it into law by 2015 and only awarded the first two licenses in the summer of 2016. “It’s created a pipeline issue for companies applying for the license,” Perkins Coie staffer. “There’s a lag between getting a new law on the books and seeing it in practice,” fellow Perkins Coie attorney Sarah Hody added.

Hody said it took one of her clients a year to get a guidance letter from local regulators to help the business operate while waiting for the painstakingly slow legislative process.

“The ideas of a sandbox are really helpful,” Hody said. “If the U.S. was able to create different sandboxes and say: As long as you’re within this scope, don’t be scared that you’re going to end up in jail, but stay on our radar.”

Both Singapore and London have specific legal “sandboxes ” for fintech and blockchain startups to experiment under an umbrella of temporary regulatory approval. This system requires startups to register with authorities and provide updates. Routine contact with regulators is mutually beneficial and can lead to better laws. “The more engagement we have between regulators and the business world, the better,” staffer said.