New York and Wyoming Set Six-Month Target for Crypto License Reviews

New York and Wyoming will coordinate crypto license reviews for firms operating in both states, setting a six-month decision target for eligible applications as federal trust charters expand competition for digital asset oversight.

The joint process covers banking and trust charters in both states and New York’s BitLicense. State examiners plan to exchange findings and handle overlapping reviews together to limit repeat work. Applicants with three or more years of clean regulatory history and business models regulators consider substantially similar could receive faster reviews. The agreement leaves each state’s licensing requirements intact and does not automatically authorize firms to operate in both jurisdictions.

The Office of the Comptroller of the Currency (OCC) has approved or conditionally approved at least 13 national trust company charters for crypto firms since President Donald Trump took office. Ripple, Circle, BitGo and Paxos are among the firms with charters.

The OCC expects to issue final rules under the GENIUS Act before October ends. The rules cover stablecoin reserves, redemptions, risk management and supervision. The agency issued its proposal in February and closed public comments in May.

New York introduced BitLicense in 2015, while Wyoming established a crypto-focused banking framework in 2019.