New York, Wyoming regulators sign pact to coordinate crypto oversight
The agreement will allow the two state regulators to share supervisory information, streamline licensing reviews and coordinate examinations and enforcement actions involving digital asset firms.
The New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking have entered into a Memorandum of Understanding (MOU) to coordinate oversight of crypto companies operating across both states. The agreement, announced on Thursday, covers existing regulated firms and those seeking approval in both jurisdictions.
The collaboration aims to streamline licensing reviews, examinations, and potential enforcement actions while sharing supervisory information, market trend data, and notifications about potential enforcement actions. Companies operating under an existing license for at least three years without enforcement action will benefit from an expedited review process, with the second regulator expected to make a decision within six months.
This MOU connects two states with differing crypto regulation histories – New York's rigorous BitLicense regime and Wyoming's more accommodating approach through crypto-focused laws and regulations.
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