Ripple: Registration in crypto-friendly US state of Wyoming
„More and more crypto companies are realising that Wyoming is a better place to be based than Delaware because of our crypto-friendly laws,“ said Caitlin Long.
Blockchain payments company Ripple Labs has now registered a business in the US state of Wyoming.
According to Wyoming Secretary of the Interior records, Ripple Markets WY LLC has been „active“ as a local Crypto Bank business since February 2020. The Wyoming LLC is the registered agent for Ripple and will be based in Cheyenne.
„More and more crypto companies are realising that Wyoming is a better place to be based than Delaware because of our crypto-friendly laws,“ Caitlin Long said on Twitter.
Long is the CEO of digital bank Avanti Bank & Trust and serves on the Blockchain, Financial Technology and Digital Innovation Committee. She said crypto companies like Ripple should consider moving their headquarters to Wyoming. This is because the state does not impose corporate or franchise taxes and cryptocurrencies are exempt from property and sales taxes, she said.
It is also home to US Senator Cynthia Lummis
The Wyoming lawmaker is one of the first to say that digital assets would play a big role in her legislative agenda. In response to the news of Ripple, people close to Lummis said many people were „maximalist“ about Wyoming.
It doesn’t look like Ripple will be moving its headquarters to the crypto-friendly state, as its headquarters is still officially San Francisco. However, Ripple co-founder Chris Larsen and CEO Brad Garlinghouse have said they are unhappy with the lack of regulatory clarity regarding crypto and blockchain in the United States.
Wyoming is emerging as one of the most attractive US states for crypto and blockchain companies. Last year, Wyoming granted a licence to crypto exchange Kraken, allowing it to operate as a crypto-friendly bank. Avanti also received approval to receive and hold crypto. In the wake of Tesla’s $1.5 billion investment in Bitcoin (BTC) earlier this month, Senator Lummis invited CEO Elon Musk to move its headquarters to the US state.