New York and Wyoming Regulators Sign Crypto Oversight Pact
New York and Wyoming regulators have signed an agreement to coordinate oversight of crypto companies operating in both states. The Memorandum of Understanding (MOU) will facilitate sharing of analysis, historical examination data, and supervisory reports between the two regulatory bodies.
The MOU aims to streamline applications for firms already regulated in one state seeking approval in the other. Companies with a proven track record of three years or more without enforcement action can receive an expedited review, with the second regulator aiming to reach a decision within six months.
New York has maintained its BitLicense regime since 2015, while Wyoming has sought to accommodate digital asset businesses through crypto-focused laws and regulations. The MOU establishes protocols for joint examinations, potential enforcement actions, and information sharing between the two states.