NYDFS and Wyoming Regulators Team Up on Crypto Oversight
The New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking have signed an agreement to coordinate oversight of crypto companies operating in both states.
The Memorandum of Understanding (MOU) will allow regulators to share analysis, historical examination data, and supervisory reports to streamline applications and examinations.
The agreement also provides an expedited pathway for certain firms already regulated in one state that seek approval in the other. Companies operating under an existing license or charter for at least three years and not subject to enforcement action could receive an expedited review, with the second regulator aiming to reach a decision within six months.
This MOU links two states with different approaches to crypto regulation. New York has maintained its BitLicense regime since 2015, while Wyoming has sought to accommodate digital asset businesses through crypto-focused laws and regulations.