New York’s Department of Financial Services and Wyoming’s banking regulator have signed a memorandum of understanding to coordinate supervision of crypto companies operating across both states, according to Cointelegraph as cited by Odaily. The agreement covers licensing reviews, examinations, and possible enforcement action involving firms with operations in New York and Wyoming.
Under the arrangement, the two agencies will share analytical findings, past examination data, regulatory reports, and market trend data. They will also align examination schedules and may conduct joint examinations of companies active in both states. The agreement sets out a fast-track review path for firms that have been licensed or chartered in one of the two states for at least three years and have not been subject to enforcement action.
For those eligible firms, the second regulator is expected to make a decision within six months when the company applies for approval in the other state. The memorandum also states that the two agencies may take joint, coordinated, or separate enforcement actions.
New York State Department of Financial Services and the Wyoming Division of Banking have signed a memorandum of understanding to coordinate licensing reviews, examinations, and potential enforcement actions involving crypto companies that operate across both states, according to Cointelegraph, as cited by Odaily.
Agreement covers reviews, exams, and enforcement
Under the agreement, the two regulators will share analytical findings, historical examination data, regulatory reports, and market trend data. They will also coordinate examination schedules and may carry out joint examinations of companies operating in both jurisdictions.
Fast-track review available for some firms
Companies that have been licensed or chartered in one state for at least three years and have not faced enforcement action may qualify for an expedited review when seeking approval in the other state. The second regulator is expected to make a decision within six months.
Regulators may act jointly or separately
The memorandum also says the two agencies may pursue enforcement actions jointly, in coordination, or separately.
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