New York and Wyoming Coordinate Crypto Oversight

New York and Wyoming announced an agreement on October 1 to coordinate oversight of digital-asset firms and offer some businesses a faster licensing review, while each state keeps its own authority to approve or reject applications. The memorandum of understanding, signed by the New York State Department of Financial Services and the Wyoming Division of Banking, establishes a framework for sharing supervisory information and coordinating licensing reviews, examinations and enforcement work. The agencies said the arrangement applies to firms operating in either state or seeking authorization in both. Some firms already regulated in one state may qualify for expedited consideration in the other. Eligibility requires at least three years under an existing regulator, no current enforcement action, sufficiently similar proposed business models and the provision of requested historical examination information. For qualifying applications, the reviewing regulator aims to reach a decision within six months. That period begins on the application date or when the requested examination information is received, whichever is later.