Blockchain-based payments company Ripple Labs has now registered a business in Wyoming.
According to the Wyoming Secretary of State’s records, Ripple Markets WY LLC’s status as a local business is listed as “active” after an initial filing in February 2020. As a limited liability company in Wyoming, l he registered agent for Ripple will be based in Cheyenne.
“More and more crypto companies are realizing that Wyoming is a better home than Delaware because of our favorable crypto laws,” mentionned Caitlin Long on Twitter.
Long is the CEO of Avanti Bank & Trust digital bank and associated with the state legislature’s select committee on blockchain, fintech, and digital innovation. She mentionned Crypto companies like Ripple should consider moving to Wyoming due to the state having no corporate tax or franchise, and cryptocurrencies are exempt from property tax and property tax. sale.
In addition, there is the presence of US Senator Cynthia Lummis. The Wyoming lawmaker is one of the first to say that digital assets will be a key part of his legislative agenda. Responding to the news from Ripple, the Lummis State Policy Director mentionned a lot of people were “maximalists in Wyoming.”
It doesn’t look like Ripple will be moving its headquarters to a crypto-enabled state, as its main office is still listed as San Francisco. However, Ripple co-founder Chris Larsen and CEO Brad Garlinghouse said they were unhappy with the apparent lack of regulatory clarity on crypto and blockchain in the United States.
Wyoming is emerging as one of the most attractive US states for crypto and blockchain businesses. Last year, the Wyoming State Banking Board granted the Kraken crypto exchange a charter to operate as a crypto-friendly bank and gave Avanti the go-ahead to receive and hold crypto in the same way. Following Tesla’s $ 1.5 billion purchase of Bitcoin (BTC) earlier this month, Senator Lummis urged CEO Elon Musk to consider moving to the state.
TBEN has reached out to Ripple for comment, but has not received a response at time of publication.