Wyoming and New York Regulators Set Terms for Crypto Oversight Pact

The Wyoming Department of Audit, Banking Division, and the New York State Department of Financial Services agreed to coordinate oversight of digital-asset and virtual-currency entities operating or seeking approval in both states, including through joint examinations and exchanges of nonpublic information.

The memorandum covers license and charter approvals, enforcement, regulatory frameworks, staff exchanges and information sharing.

Institutions licensed or chartered in one state for at least three years and not in enforcement proceedings may qualify for expedited review when seeking a similar permit in the other state, if their business models are sufficiently similar. Regulators will strive to reach a final decision within six months after an application is submitted or historical examination materials are received.

For entities regulated by both jurisdictions, the agencies will seek to coordinate examination schedules, conduct joint examinations and share regulatory reports. They also plan to notify one another about potential enforcement matters and exchange investigation updates.