The New York State Department of Financial Services (DFS), the regulator behind the first comprehensive US virtual currency framework, and the Wyoming Division of Banking have signed a memorandum of understanding (MOU) to coordinate their supervision of firms engaged in virtual currency and digital asset activity across both states.
The agreement was announced by DFS acting superintendent Kaitlin Asrow and Wyoming Division of Banking commissioner Jeremiah Bishop.
It formally links two states that have built considerable experience in overseeing digital asset businesses, giving each regulator access to the other’s expertise and supervisory knowledge while deepening the working relationship between them.
Under the licensing and chartering terms, the two regulators will cooperate on firms that already hold a licence or charter in one state, as well as on businesses submitting applications to both at once. To make the application process more efficient, they will exchange analysis, subject matter reviews and past examination data.
The MOU also targets ongoing supervision. The regulators plan to align their examination timetables and move towards carrying out joint examinations of firms active in both jurisdictions. In addition, the agreement sets out procedures for exchanging supervisory reports, information on market trends and alerts about possible enforcement action.
DFS is widely regarded as a leading authority on digital asset regulation. In 2015, it introduced the BitLicense, the first comprehensive regulatory regime for virtual currency in the US. Firms regulated in New York must meet demanding supervisory requirements intended to protect consumers, secure financial markets and maintain the safety and soundness of the wider financial system.
For digital asset businesses operating in both states, the arrangement points to a more unified supervisory approach, with shared data and coordinated examinations potentially reducing duplication during licensing while increasing the depth of regulatory scrutiny.
New York State Department of Financial Services acting superintendent Kaitlin Asrow said, “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 Division of 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.”
Copyright © 2026 RegTech Analyst
Copyright © 2026 RegTech Analyst
