The New York State Department of Financial Services and the Wyoming Banking Department have signed a memorandum of understanding to coordinate the regulation of cryptocurrency companies

The New York State Department of Financial Services and the Wyoming Banking Department have signed a memorandum of understanding to coordinate licensing reviews, inspections, and enforcement actions for cross state operating cryptocurrency companies. Both parties will share analysis results, historical inspection data, regulatory reports, and market trend data, coordinate inspection schedules, and may conduct joint inspections. Companies that have been licensed or licensed in one state for at least 3 years and have not been subject to enforcement action can receive expedited review when applying for approval in another state, and the second regulatory agency intends to make a decision within 6 months. Both parties may take joint, coordinated, or separate enforcement actions.