New York and Wyoming Sign Agreement to Coordinate Cryptocurrency Company Regulation

The New York State Department of Financial Services and the Wyoming Division of Banking have signed a memorandum of understanding to coordinate the licensing review, inspections, and potential enforcement actions for cryptocurrency companies operating across state lines. The agreement stipulates that both parties will share analytical results, historical inspection data, regulatory reports, and market trend data, coordinate inspection timelines, and may conduct joint inspections of companies operating in both states. Companies that have been licensed or chartered in one state for at least three years and have not been subject to enforcement actions can receive expedited reviews when applying for approval in the other state, with the second regulatory agency aiming to make a decision within six months. Both parties may also take joint, coordinated, or separate enforcement actions.