New York and Wyoming financial regulators have signed an agreement to coordinate oversight of cryptocurrency companies operating across both states, covering licensing, examinations and potential enforcement actions.

The Memorandum of Understanding (MOU), announced Thursday by the New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking, applies to firms already regulated in either state as well as companies seeking approval in both jurisdictions. The MOU is available on the NYDFS website.

Under the agreement, the two regulators will share analysis and historical examination data to streamline applications, coordinate examination schedules and work toward joint examinations of companies operating in both states.

The arrangement also provides an expedited pathway for certain firms already regulated in one state that seek approval in the other. Companies that have operated under an existing license or charter for at least three years and are not subject to enforcement action could receive an expedited review, with the second regulator aiming to reach a decision within six months. In practice, that means a digital asset company that has operated under a Wyoming SPDI charter for at least three years without enforcement action could seek expedited NYDFS review of a New York application, with a decision targeted within six months.

The MOU further establishes protocols for sharing supervisory reports, market trend data and notifications about potential enforcement actions. The regulators will periodically exchange investigative information and may undertake enforcement actions jointly, in coordination or separately.

The agreement links two states that have historically taken different approaches to digital asset regulation. New York has maintained its BitLicense regime since 2015, subjecting crypto firms to what NYDFS calls “rigorous licensing standards.” Wyoming, by contrast, has sought to accommodate digital asset businesses through crypto-focused laws, regulations and specialized banking charters, including the Special Purpose Depository Institution (SPDI) framework created by state legislation in 2019, which allows qualifying digital asset companies to operate as banks under a full, 100% reserve requirement. The Wyoming Division of Banking publishes details of the SPDI framework on its official website.

For firms seeking approvals in both states, the arrangement is designed to reduce duplicative application and examination processes. The six-month decision target and the prospect of joint examinations give firms and observers concrete markers to watch as the agreement is put into practice across two long-divergent regulatory systems.