Blockchain-based payments company Ripple Labs recently registered a company in Wyoming.
According to the records of the Wyoming Secretary of State, the status of Ripple Markets WY LLC as a local company is listed as “active” after an initial deposit in February 2020. As a limited liability company in Wyoming, Ripple’s registered agent will be based in Cheyenne.
“More cryptocurrency companies are realizing that Wyoming is a better home than Delaware due to our friendly laws,” said Caitlin Long on Twitter.
Long is CEO of digital bank Avanti Bank & Trust and associated with the state legislature’s Blockchain, Financial Technology and Digital Innovation Committee. Is it over there said that Cryptocurrency companies like Ripple should consider moving to Wyoming because the state has no corporate or franchise tax, and cryptocurrencies are exempt from property and sales tax.
In addition, there is the presence of the American senator Cynthia Lummis. The Wyoming lawmaker is one of the first to say that digital assets will be an important part of its legislative agenda. In response to news from Ripple, Lummis’s state policy director said that many people were “maximalists in Wyoming”.
It does not appear that Ripple will move its headquarters to the state, as its main office is still listed in San Francisco. However, both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse said they were unhappy with the apparent lack of regulatory clarity about cryptocurrencies and blockchain in the United States.
Wyoming is becoming one of the most attractive American states for cryptocurrency and blockchain companies. Last year, the Wyoming State Banking Board granted exchange Kraken a license to operate as a cryptocurrency-compliant bank and gave Avanti permission to receive and custody cryptocurrencies in a similar way. In the wake of purchase of Bitcoin (BTC) Tesla’s $ 1.5 billion in earlier this month, Senator Lummis invited CEO Elon Musk to consider moving to the state.
Cointelegraph contacted Ripple representatives for comment, but did not receive a response at the time of publication.