NY, WY Regulators Team Up on Crypto Oversight

New York and Wyoming financial regulators have signed an agreement to coordinate oversight of crypto companies operating across both states. The Memorandum of Understanding (MOU) aims to streamline applications, coordinate examination schedules, and work toward joint examinations of firms regulated in either state or seeking approval in both jurisdictions.

The MOU establishes protocols for sharing supervisory reports, market trend data, and notifications about potential enforcement actions. Regulators will periodically share investigative information and may undertake enforcement actions jointly, in coordination or separately.

Under the agreement, companies operating under an existing license or charter for at least three years and not subject to enforcement action could receive an expedited review. The second regulator aims to reach a decision within six months.