NY, WY Regulators Team Up on Digital Asset Oversight

New York and Wyoming have agreed to coordinate oversight of virtual currency and digital asset companies operating across both states. The Memorandum of Understanding (MOU) covers licensing, examinations, supervisory reports, market trends, and potential enforcement notifications.

The MOU establishes a framework for coordination between the two states' regulators, allowing them to share information and resources. This includes coordinating examination schedules and joint examinations of companies operating in both states.

Wyoming's Special Purpose Depository Institution (SPDI) system requires customer fiat deposits to be backed by at least 100% unencumbered liquid assets. The MOU connects this framework with New York's BitLicense and limited-purpose trust company charter.