The North Carolina Sandbox Act established the North Carolina Innovation Council as a panel of 11 members, each with expertise in fields relevant to fostering innovation and economic growth. The Council is officially housed within the Department of Commerce and is tasked with the following purpose, powers, and duties:

Purpose
The Council's primary purpose is to promote innovation, investment, and job creation across North Carolina by facilitating participation in the regulatory sandbox. This sandbox enables innovators to test new products, services, or technology under a regulatory framework that is temporarily relaxed to encourage development and creativity.

Powers and Duties

1. Support for Innovation: The Council supports innovation by setting standards and priorities for the types of innovations the sandbox will support, focusing on job creation and economic growth.
2. Admissions and Assignments: It is responsible for reviewing and admitting applicants into the sandbox program, assigning them to the relevant State agency.
3. Rulemaking and Oversight:
   • Establishes rules to manage the operation, supervision, and communication of the regulatory sandbox.
   • Defines the application process by specifying required information, reviewing procedures, and acceptance or denial criteria.
   • Sets conditions for regulatory waivers granted to sandbox participants.
   • Manages termination or removal of participants from the sandbox when necessary.

Council Composition
The Council consists of 11 members, representing various sectors to ensure a well-rounded perspective:

1. State Officials or Designees:
   • The Commissioner of Banks
   • The Commissioner of Insurance
   • The Secretary of State
   • The Attorney General
2. Governor Appointees:  Two public members
3. Lieutenant Governor Appointee: One public member
4. General Assembly Appointees: 
   • Two public members from academia, recommended by the President Pro Tempore of the Senate. 
   • Two public members from the entrepreneurial or blockchain community, recommended by the Speaker of the House.

This composition ensures that the Council's decisions are informed by a diverse array of expertise, balancing regulatory oversight with the flexibility essential for fostering innovation in North Carolina.
 

Public and Sector Appointees

Government Appointees