NYDFS and the Wyoming Division of Banking on Thursday signed a memorandum of understanding (MOU) to coordinate oversight of crypto companies operating in both states, including licensing, examinations, and potential enforcement actions.

Data Sharing Protocol and Joint Examinations

The document provides for the exchange of analytics and historical examination materials to accelerate application reviews, coordination of supervisory schedules, and joint examinations of companies active in both jurisdictions. Regulators will share supervisory reports, market trend data, and notifications of possible enforcement actions, periodically exchange investigative information, and, when necessary, take enforcement measures jointly, in coordination, or independently. The agreement applies to firms already regulated in one state as well as applicants seeking approval in both jurisdictions.

Expedited Approval for Companies with Three Years of Experience

The MOU introduces an expedited process for companies that have held a license or charter in one state for at least three years and have not been subject to enforcement actions: when applying in the other state, the second regulator aims to make a decision within six months.

New York and Wyoming Align Different Approaches

The agreement links two jurisdictions with different histories of digital asset regulation: New York has maintained the BitLicense regime since 2015, which NYDFS describes as "strict licensing standards," while Wyoming has developed rules focused on digital assets, including specialized laws, regulations, and banking charters.