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The Roman emperor Caligula issued the same type of quadrans throughout his reign, where the obverse depicted a pileus, a type of cap given to former slaves upon their manumission, and the reverse the letters RCC. Eckhel suggested that the obverse referred to the restoration of liberty as represented by his return of the elections to the popular assembly from the Senate, and the reverse referred to a remission of the sales-tax. Barrett has recently argued that both sides probably referred to the execution in late 39 of Cornelius Lentulus Gaetulicus, the governor of Upper Germany. This note argues that Caligula chose to depict the pileus on his quadrans in order to celebrate his new policy of strictly enforcing the rules for granting citizenship and that he aimed the design at the urban mob in particular in order to emphasise that he was protecting them against those seeking to encroach upon their privileges

PUBLISHED With transformative evolution involving crypto-assets, machine learning applications and data-driven finance models, complex regulatory and policy issues are emerging. Inadequate frameworks in FinTech markets create regulatory friction and regulatory fragmentation. These limitations continue to feature when piecemeal regulatory transition occurs. The danger of EU Member States being left behind in the FinTech innovation race if the regulatory landscape is cumbersome or incomplete for new business models is real. Regulatory lag and regulatory friction also act as a ?disenabler? for ease of cross-border FinTech trade in the EU. This article critically engages with the manner in which the regulatory sandbox has rapidly gained critical mass in Member States as a valuable adaptive measure supporting a route to market for FinTech entrepreneurs. Against the backdrop of the European Commission?s Digital Finance Strategy, the article further advances scholarship on FinTech in the EU by probing the EU?s resulting regulatory dilemma, undertaking a systematic evaluation of the continuum of complex policy options available to the European Union in response to the spreading regulatory sandbox phenomenon.