New York, Wyoming regulators sign pact to coordinate crypto oversight

What happened

New York and Wyoming financial regulators have signed an agreement to coordinate oversight of crypto companies operating across both states, including licensing, examinations and potential enforcement actions. The Memorandum of Understanding (MOU), announced Thursday by the New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking, applies to firms already regulated in either state and those seeking approval in both jurisdictions.

Companies operating under an existing license or charter for at least three years and not subject to enforcement action could receive an expedited review, with the second regulator aiming to reach a decision within six months. The agreement also provides an expedited pathway for certain firms already regulated in one state that seek approval in the other.

The MOU establishes protocols for sharing supervisory reports, market trend data and notifications about potential enforcement actions. Readers are encouraged to verify information independently.

Key facts

• The Memorandum of Understanding (MOU), — announced: Thursday by the New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking, applies to firms already regulated in either state and those seeking approval in both jurisdictions
• The agreement also — provides: an expedited pathway for certain firms already regulated in one state that seek approval in the other