Financial regulators in the U.S. states of New York and Wyoming have moved to cooperate on supervision of cryptocurrency companies.

Cointelegraph, a blockchain media outlet, reported on Wednesday that the New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking signed a memorandum of understanding (MOU) covering licensing, examinations and enforcement actions.

The agreement applies to companies already regulated in one state and to companies seeking approval in both jurisdictions. The focus is on sharing supervisory information and linking procedures. The two sides will share review and analysis materials and past examination data to streamline applications. They will also coordinate examination schedules and pursue joint examinations for companies operating in both states.

Some companies will also have access to an expedited review track for entry into the other state. Companies that have maintained their existing licence or authorisation status for at least 3 years and are not subject to enforcement actions can have their review simplified. In such cases, the second regulator aims to reach a conclusion within 6 months.

The agreement also covers coordination in supervision and enforcement. The two sides will share supervisory reports, market trend data and notification systems related to potential enforcement actions. They can also exchange investigative information regularly and, if necessary, carry out enforcement actions jointly or pursue them in coordination or separately.

The agreement is drawing attention for linking two states that have taken different approaches to crypto regulation. New York has maintained its BitLicense system since 2015, and NYDFS has defined it as a strict licensing standard. Wyoming, by contrast, has operated systems aimed at accommodating digital asset companies through crypto-focused laws and regulations and a special banking charter framework. As a result, businesses will be able to reduce some of the supervisory procedures they previously had to handle separately by state.

What the two sides agreed to share is not limited to analysis materials and past examination data. By including potential enforcement and investigative information within the scope of coordination, supervisory intensity could also rise.

In this environment, attention is also on how New York’s strong regulatory framework and Wyoming’s more accommodating system will broaden points of contact. The agreement does not change the systems each state has maintained, but it is meaningful in that the two states have begun to treat the review, examination and enforcement response framework for crypto firms operating across both jurisdictions as a single continuum.