New York and Wyoming agreed to coordinate their oversight of entities engaged in virtual currency and digital asset activities in the two states, according to a Thursday (Oct. 1) press release.
The agreement was established by a memorandum of understanding (MOU) signed by the New York State Department of Financial Services and the Wyoming Division of Banking, according to the release.
The agreement will enable the regulators to draw on each other’s expertise and supervisory insights, formalize coordination and strengthen the relationships between the two states, the release said.
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The agreement includes licensing and chartering provisions that will streamline applications, coordination of exam schedules and future joint examinations of entities operating in both states that will enhance supervision, and protocols for sharing supervisory reports, market trend data and notifications regarding potential enforcement actions, per the release.
Kaitlin Asrow, acting superintendent of the New York State Department of Financial Services, said in the release: “Interstate collaboration is essential for the virtual currency space. 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 in the release: “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.”
New York and Wyoming have “significant experience overseeing digital asset activity,” per the release.
New York was the first state to put a regulatory framework in place for cryptocurrencies with its BitLicense, PYMNTS reported in June 2022. PYMNTS reported in October 2025 that the New York State Department of Financial Services’ early adoption of the BitLicense framework positioned the state as a leading U.S. jurisdiction in digital asset oversight and that the groundwork laid by the regulator influenced Congress’s GENIUS Act.
Wyoming became the first state to launch its own stablecoin. The state launched the Frontier Stable Token in June, with Gov. Mark Gordon saying of the coin: “We’re trying to actually be the one that you can take out and make sure it works.”
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