New York State Department of Financial Services and Wyoming Division of Banking Sign MOU to Enable Coordinated Oversight of Virtual Currency and Digital Asset Activities

The New York State Department of Financial Services (DFS) Acting Superintendent Kaitlin Asrow and the Wyoming Division of Banking Commissioner Jeremiah Bishop today announced a memorandum of understanding (MOU) to facilitate coordinated oversight of entities engaged in virtual currency and digital asset activities in New York and Wyoming. The agreement establishes an agreement between the two states with significant experience overseeing digital asset activity. The MOU will enable each regulator to draw on the other’s expertise and supervisory insights, formalizing coordination and strengthening the relationship between New York and Wyoming.   

“Interstate collaboration is essential for the virtual currency space,” said Acting Superintendent Kaitlin Asrow. “This MOU will add to the resources and information available to each regulator, helping to facilitate responsible innovation in the market while protecting consumers across our respective jurisdictions.”   

Wyoming Banking Commissioner Jeremiah Bishop said, “This MOU shows the strength of the state regulatory system as an example of two leading regulators in this space working together to better the effectiveness in supervision.”  

The licensing and chartering provisions of the MOU provide for coordination on entities already licensed or chartered in one jurisdiction, as well as for entities applying in both jurisdictions at the same time. The regulators will share analysis, subject matter reviews, and historical examination data to streamline the application process. 

To enhance supervision, the regulators will coordinate their examination schedules and work toward joint examinations of entities operating in both states. The MOU also establishes protocols for sharing supervisory reports, market trend data, and notifications regarding potential enforcement actions.  

DFS is a globally recognized leader in digital asset regulation, having established the nation’s first comprehensive virtual currency regulatory framework, the BitLicense, in 2015. Regulated entities operating in New York are subject to rigorous supervisory standards designed to protect consumers, safeguard financial markets, and ensure the safety and soundness of the financial system. 

Read a copy of the signed MOU with the Wyoming Division of Banking.