New York, Wyoming Strike Agreement To Coordinate Crypto Oversight
By CU Today Staff —
NEW YORK— New York and Wyoming financial regulators have signed an agreement to coordinate oversight of cryptocurrency and digital-asset companies operating in the two states, according to reporting by Coinfomania.
The memorandum of understanding between the New York State Department of Financial Services and Wyoming Division of Banking covers licensing, examinations and potential enforcement actions.
Under the agreement, the regulators can share supervisory reports, examination findings and market-trend information, while coordinating examination schedules and potentially conducting joint exams of companies operating in both states. The pact also creates an expedited process for certain firms that have been licensed or chartered in one state for at least three years without an enforcement action and are seeking authorization in the other state.
The agreement brings together two states with extensive but differing approaches to digital-asset regulation. New York has regulated virtual-currency businesses through its BitLicense framework since 2015, while Wyoming has developed specialized laws and banking charters for digital assets. NYDFS Acting Superintendent Kaitlin Asrow said the agreement will expand the resources and information available to regulators while supporting responsible innovation and consumer protection.
Originally reported by CU Today.