NY and WY Team Up on Crypto Oversight

The New York Department of Financial Services and the Wyoming Division of Banking have announced a memorandum of understanding (MOU) to coordinate examinations and enforcement actions of cryptocurrency firms licensed in both states.

According to the agreement, the two agencies will work together to ensure that crypto companies operating in New York and Wyoming are in compliance with state regulations.

The MOU highlights the importance of state charters for crypto firms, as noted by Wyoming Banking Commissioner Jeremiah Bishop. 'This MOU shows the strength of the state regulatory system,' he said.