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