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Agreement covers crypto firms operating in both states

In a notable U.S. move on crypto oversight, the New York State Department of Financial Services (NYDFS) and the Wyoming Banking Division have signed a cooperation agreement for companies operating in both states or seeking approval in both jurisdictions. Announced on Thursday, the memorandum aims to coordinate licensing, supervision and possible enforcement procedures.

Under the agreement, regulators will share their analyses and past examination findings to streamline application processes. The two sides also plan to align examination schedules and pursue joint reviews of companies operating in both states.

More data sharing in applications and enforcement cases

Which companies can take the fast-track review?

The memorandum also creates a faster review path in the second state for certain companies. Accordingly, firms that have operated for at least three years with an existing license or charter in one state and have no pending enforcement action against them may be eligible for expedited review in the other state.

In such cases, the second regulator is expected to reach a decision within six months. For financial and crypto markets, the arrangement stands out as a step that could reduce uncertainty in the approval process, especially for companies seeking to operate across multiple states.

  • Past examination data and analyses will be shared.
  • Review schedules will be coordinated.
  • Possible enforcement notices will be regularly forwarded to the other side.
  • If needed, joint, coordinated or separate enforcement steps may be taken.

Bringing different regulatory approaches under one roof

The agreement brings together two states that have historically taken different approaches to crypto under the same framework. New York has applied stricter licensing standards through the BitLicense regime, in place since 2015, while Wyoming has developed a more flexible model through laws supporting digital asset companies and special banking charters.

The new cooperation aims to build an operational bridge between these two approaches. For crypto companies looking to expand in both states, faster application handling and more predictable supervisory burdens are among the issues that will be closely watched in terms of regulatory costs.

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