- New York and Wyoming will expedite eligible crypto licensing reviews within six months by coordinating examinations and sharing regulatory information.
- The OCC has approved or conditionally approved at least 13 national trust charters for crypto firms, intensifying competition with state regulators.
- The OCC expects final GENIUS Act rules covering stablecoin reserves, redemptions, risk management, and supervision before October ends.
New York and Wyoming have agreed to streamline crypto licensing and supervision, creating a joint process for digital asset firms operating in both states. The agreement covers Wyoming banking and trust charters, New York banking and trust charters, and New York’s BitLicense. Regulators will share examination information and coordinate reviews to reduce duplicated work.
Joint Review Offers Faster Crypto Licensing
Under the agreement, firms with at least three years of clean regulatory history and substantially similar business models may qualify for expedited reviews. Regulators aim to decide eligible applications within six months.
New York introduced its BitLicense regime in 2015, while Wyoming established a framework for crypto-focused banks in 2019. Kraken relocated its global headquarters to Cheyenne last year, citing Wyoming’s crypto policies.
Wyoming Division of Banking Commissioner Jeremiah Bishop said the agreement demonstrates how state regulators can work together to improve supervision. Senator Cynthia Lummis, a Wyoming Republican, also welcomed the partnership on X.
However, the agreement does not change either state’s licensing requirements or automatically authorize firms to operate across both jurisdictions.
OCC Charters Create Competition for State Regulators
The agreement comes as the Office of the Comptroller of the Currency expands its crypto charter approvals. Since President Donald Trump took office, the OCC has approved or conditionally approved at least 13 national trust company charters for crypto firms, including Ripple, Circle, BitGo and Paxos.
According to Crypto In America, traditional banking groups have challenged this approach, arguing crypto firms do not face the same requirements and consumer protections as conventional banks. The Independent Community Bankers of America sued the OCC earlier this month over its charter decisions.
Meanwhile, Section 16(d) of the GENIUS Act allows certain state-chartered banks conducting stablecoin activities to provide custody and money transmission across state lines without separate state licenses. The proposed CLARITY Act would amend that provision, giving states greater control over financial institutions operating within their borders.
OCC Expects Stablecoin Rule Before October Ends
Comptroller Jonathan Gould said the OCC expects its final GENIUS Act rule before October ends. Speaking at a Milken Institute event during DC Fintech Week, Gould said the agency was nearing completion.
The rule covers stablecoin reserves, redemptions, risk management and supervision. The OCC issued its proposal in February and closed public comments in May.
The final rule missed the GENIUS Act’s July 18, 2026, deadline. The law is scheduled to take effect January 18, 2027, or 120 days after final implementing rules, whichever comes first.
