New York, Wyoming Regulators Agree to Jointly Oversee Crypto Firms

New York and Wyoming financial regulators have agreed to jointly oversee cryptocurrency companies operating in both states.

Cointelegraph reported on Oct. 1 that the New York State Department of Financial Services and the Wyoming Division of Banking signed a memorandum of understanding to coordinate licensing, examinations and potential enforcement actions involving crypto firms.

The agreement applies to companies already regulated in one of the two states or seeking approval to operate in both. The agencies plan to share analytical materials and past examination data to streamline licensing reviews. They also aim to coordinate examination schedules and carry out joint examinations.

The agencies also established a fast-track review process for companies already regulated in one state that apply for approval in the other. Firms that have maintained an existing license or charter for more than three years and have no history of enforcement actions may receive a decision within six months of applying.

New York and Wyoming have long taken contrasting approaches to crypto regulation. New York has operated its BitLicense regime since 2015, applying relatively strict licensing standards.

Wyoming, by contrast, has sought to attract digital-asset companies by adopting crypto-friendly laws and establishing its Special Purpose Depository Institution, or SPDI, framework.