New York and Wyoming Sign Deal to Coordinate Crypto Oversight

The New York State Department of Financial Services and the Wyoming Division of Banking signed a Memorandum of Understanding on Thursday to coordinate oversight of crypto firms operating across both states. It covers licensing, examinations and possible enforcement actions, and applies to firms already regulated in either state as well as those seeking approval in both.

Shared Exams and Information Sharing

The regulators will share analysis and past examination data to streamline applications, align exam schedules and work toward joint examinations of companies active in both states. The deal sets protocols for sharing supervisory reports, market trend data and alerts about potential enforcement actions. They will also swap investigative information from time to time and may act jointly, in coordination or separately.

Expedited Crypto License Review

Firms that have held a license or charter in one state for at least three years, with no enforcement action against them, could get a faster review in the other. The second regulator would aim to decide within six months.

BitLicense vs. Wyoming Crypto Laws

The pact links two states with very different approaches. New York has run its BitLicense regime since 2015 and calls its standards rigorous. Wyoming has courted digital asset businesses through crypto-focused laws, regulations and specialized banking charters.