Regulators from the states of New York and Wyoming have signed an agreement to coordinate oversight of crypto companies operating in both states. The Memorandum of Understanding (MOU) was announced on Thursday by the New York Department of Financial Services (NYDFS) and the Wyoming Banking Division. The agreement includes key aspects such as the sharing of supervisory information, streamlining licensing, and coordinating inspections and potential enforcement actions for digital assets. It applies to companies already regulated in one of the states as well as those seeking approval in both jurisdictions.
Under the agreement, regulators will share analysis and historical inspection data to expedite application reviews and coordinate inspection schedules, as well as work on joint inspections of companies operating in both states. Additionally, for certain companies already regulated in one state and seeking approval in the other, an expedited process is provided. Such companies, which have a valid license or charter for at least three years and are not subject to enforcement actions, may receive expedited consideration, with the second regulator aiming to make a decision within six months.
The MOU establishes protocols for sharing supervisory reports, market trend data, and notifications of potential enforcement actions. Regulators will also periodically exchange investigative information and may conduct joint enforcement actions, either within agreed frameworks or separately. This agreement links two states that have historically taken different approaches to cryptocurrency regulation. Since 2015, New York has adhered to the BitLicense regime, which, according to NYDFS, imposes strict licensing standards on crypto firms, while Wyoming seeks to create competitive conditions for digital assets through specialized laws and regulations.
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