New York and Wyoming financial regulators have signed an agreement to coordinate oversight of crypto companies operating across both states, including licensing, examinations and potential enforcement actions.
The Memorandum of Understanding (MOU), announced Thursday by the New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking, applies to firms already regulated in either state and those seeking approval in both jurisdictions.
Under the agreement, the regulators will share analysis and historical examination data to streamline applications, coordinate examination schedules and work toward joint examinations of companies operating in both states.
The agreement also provides an expedited pathway for certain firms already regulated in one state that seek approval in the other. Companies operating under an existing license or charter for at least three years and not subject to enforcement action could receive an expedited review, with the second regulator aiming to reach a decision within six months.
The MOU establishes protocols for sharing supervisory reports, market trend data and notifications about potential enforcement actions. The regulators will periodically share investigative information and may undertake enforcement actions jointly, in coordination or separately.
The agreement links two states that have historically taken different approaches to crypto regulation. New York has maintained its BitLicense regime since 2015, subjecting crypto firms to what NYDFS calls “rigorous licensing standards,” while Wyoming has sought to accommodate digital asset businesses through crypto-focused laws, regulations and specialized banking charters.
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