New York and Wyoming regulators sign digital asset oversight agreement

The New York State Department of Financial Services and the Wyoming Division of Banking announced a Memorandum of Understanding on Thursday to coordinate oversight of digital asset firms operating across both states. The agreement applies to firms regulated in either state and firms seeking approval in both states. The regulators will share analysis and historical examination data to streamline licensing applications. The regulators will coordinate examination schedules and work toward joint examinations of companies operating in both states. Firms operating under an existing license or charter for at least three years and not subject to enforcement action could receive expedited review when seeking approval in the other state. The second regulator aims to decide those applications within six months. The agreement establishes protocols for sharing supervisory reports, market trend data and notifications about potential enforcement actions. The regulators will periodically share investigative information. The regulators may take enforcement actions jointly, in coordination or separately. New York has maintained its BitLicense regime since 2015, which the New York State Department of Financial Services describes as imposing "rigorous licensing standards" on crypto firms. Wyoming has sought to accommodate digital asset businesses through crypto-focused laws, regulations and specialized banking charters.