New York and Wyoming regulatory agencies sign agreement to coordinate cryptocurrency regulation

The New York State Department of Financial Services (NYDFS) and the Wyoming Department of Banking announced the signing of a Memorandum of Understanding (MOU) to coordinate the regulation of cryptocurrency companies operating in both states, covering license approvals, inspections, and potential enforcement actions. This agreement applies to businesses already regulated in either state, as well as companies seeking approval in both locations simultaneously.

Under the agreement, the regulatory agencies in both states will share analytical results and historical inspection data to streamline the application process, coordinate inspection timelines, and promote joint inspections of companies operating across state lines. For businesses already regulated in one state, holding an existing license or charter for at least three years, and not subject to enforcement actions, the agreement provides an expedited approval pathway, with the second regulatory agency aiming to make a decision within six months.

The MOU also establishes a mechanism for sharing regulatory reports, market trend data, and notifications of potential enforcement actions. Regulatory agencies will regularly share investigative information and may take enforcement actions jointly, coordinately, or separately. This move connects two states that have historically taken different approaches to cryptocurrency regulation: New York has maintained the BitLicense regime since 2015, while Wyoming has accommodated digital asset businesses through cryptocurrency-related laws, regulations, and specialized banking charters.