NY and Wyoming Team Up on Crypto Oversight

The New York Department of Financial Services and the Wyoming Division of Banking have announced a memorandum of understanding to coordinate on crypto oversight efforts. This agreement will allow the two agencies to work together on examinations and enforcement actions for cryptocurrency firms licensed and operating in both states.

Wyoming Banking Commissioner Jeremiah Bishop said that this MOU shows the strength of the state regulatory system, 'This MOU shows the strength of the state regulatory system as an example of two leading regulators in this space working together to better the effectiveness in supervision.'

The agreement highlights the value of state charters for cryptocurrency firms, according to Bishop.