Key facts
- New York and Wyoming financial regulators signed an agreement to coordinate crypto oversight.
- The pact allows regulators to share supervisory information, streamline licensing reviews, and coordinate examinations and enforcement actions.
- Firms already regulated in one state may receive an expedited review for approval in the other.
- The agreement establishes protocols for sharing supervisory reports and market trend data.
- New York's BitLicense regime and Wyoming's crypto-focused laws are distinct approaches to regulation.
New York and Wyoming financial regulators have entered into a memorandum of understanding (MOU) to coordinate their oversight of cryptocurrency companies. Announced on Thursday, the agreement facilitates the sharing of supervisory information, streamlines licensing reviews, and coordinates examinations and enforcement actions for digital asset firms operating across both states.
The MOU applies to companies already regulated in either New York or Wyoming, as well as those seeking approval in both jurisdictions. Under the pact, regulators will share analytical and historical examination data to expedite applications, synchronize examination schedules, and potentially conduct joint examinations.
For companies that have held a license or charter in one state for at least three years and are not facing enforcement actions, the agreement offers an expedited review process, with the aim of a decision from the second regulator within six months. Protocols for sharing supervisory reports, market trend data, and notifications of potential enforcement actions are also established.