NY and WY Regulators Unite on Crypto Oversight
New York and Wyoming regulators have signed a memorandum of understanding to coordinate oversight of digital asset businesses operating in both states. The agreement, announced on October 1 by the New York State Department of Financial Services, will streamline the licensing review and examination process for companies with operations in both states.
Under the new arrangement, the New York State Department of Financial Services and the Wyoming Division of Banking will coordinate examination schedules and work towards joint examinations of entities operating in both states. This means that a company with operations in both New York and Wyoming will no longer face separate regulatory processes in each state.
The memorandum of understanding will also enable the regulators to share supervisory reports, market trend data, and notifications about potential enforcement actions. This collaboration aims to add resources and information for each regulator, as Acting Superintendent Kaitlin Asrow and Wyoming Banking Commissioner Jeremiah Bishop noted in their statement.