NY and Wyoming Regulators Team Up on Crypto Oversight

New York and Wyoming have agreed to jointly oversee cryptocurrency companies operating in both states, signing a memorandum of understanding to coordinate licensing, examinations, and potential enforcement actions.

The agreement applies to companies already regulated in one of the two states or seeking approval to operate in both, with the goal of streamlining licensing reviews and reducing regulatory burdens.

Under the agreement, companies already regulated in one state will receive faster reviews when applying for approval in the other, with those meeting certain requirements potentially receiving a decision within six months of applying.

The agreement marks a shift towards greater cooperation between the two states, which have taken contrasting approaches to crypto regulation in the past. New York has operated its BitLicense regime since 2015, while Wyoming has sought to attract digital-asset companies through its crypto-friendly laws and Special Purpose Depository Institution (SPDI) framework.