New York, Wyoming Regulators Join Forces on Crypto Oversight
New York and Wyoming regulators signed an agreement Wednesday to coordinate crypto licensing, information sharing and examinations for digital asset firms operating in both states.
New York’s Department of Financial Services and the Wyoming Division of Banking signed a memorandum of understanding Wednesday to coordinate oversight of companies offering virtual currency and digital asset services.
Acting New York Superintendent Kaitlin Asrow and Wyoming Banking Commissioner Jeremiah Bishop announced the agreement. It allows each regulator to use the other’s supervisory expertise when reviewing firms licensed or chartered in either state, including companies applying for approval from both agencies.
The agencies will exchange analysis, subject-matter reviews and past examination data during the licensing and chartering process. They will also coordinate examination schedules and work toward joint examinations of companies operating in New York and Wyoming.
The memorandum sets procedures for sharing supervisory reports, market trend data and notices about possible enforcement actions. The regulators said the arrangement will expand their access to information and support consumer protection.
In a statement, Asrow described interstate cooperation as important for virtual currency oversight. She said the agreement would give both agencies more resources and information while supporting responsible innovation and consumer protection.
Bishop described the pact as an example of state regulators working together to improve supervision.
New York introduced its BitLicense in 2015. The framework requires virtual currency companies to meet rules covering consumer protection, financial safeguards and the soundness of their operations. Galaxy Digital is among the firms that hold a New York BitLicense.
Wyoming has developed a separate framework focused on digital asset chartering and crypto-related businesses. The state has also advanced a stable token project that uses Chainlink’s proof-of-reserve technology.
The memorandum creates a formal process for cooperation between the two states despite differences in their licensing and chartering systems.
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