The New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking said they have signed a memorandum of understanding, or MOU, to coordinate oversight of crypto companies operating in both states. The scope includes licensing approvals, examinations, and potential enforcement actions.
Agreement covers existing regulated firms and dual-state applicants
The arrangement applies to companies already regulated in either New York or Wyoming, as well as firms seeking approval in both states at the same time. Under the MOU, the two agencies will share analytical findings and historical examination data to streamline application reviews, coordinate examination schedules, and support joint examinations for companies with cross-state operations.
Expedited review available for certain firms
For companies already regulated in one of the two states, the agreement creates an accelerated approval path if they have held an existing license or charter for at least three years and have not been affected by enforcement action. In those cases, the second regulator will aim to make a decision within six months.
Regulators will share reports, trend data, and enforcement notices
The MOU also establishes a mechanism for sharing supervisory reports, market trend data, and notices related to possible enforcement action. The regulators said they will regularly exchange investigative information and may take joint, coordinated, or separate enforcement actions.
Two states with different crypto policy approaches
The agreement links two states that have historically taken different approaches to crypto regulation. New York has maintained the BitLicense regime since 2015, while Wyoming has accommodated digital asset businesses through crypto-related laws, regulations, and specialized bank charters.