Ripple now registered as a Wyoming business

Turner Wright

Feb 21, 2021

Ripple now registered as a Wyoming business

"More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws," said Caitlin Long.

84498 Total views

365 Total shares

Listen to article

0:00

News

Blockchain-based payments firm Ripple Labs has now registered a business in Wyoming.

According to records from the Wyoming Secretary of State, 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, Ripple’s registered agent will be based in Cheyenne.

“More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws,” said Caitlin Long on Twitter.

Long is the CEO of digital bank Avanti Bank & Trust and associated with the state legislatures Select Committee on Blockchain, Financial Technology and Digital Innovation. She said crypto firms like Ripple should consider relocating to Wyoming due to the state not having any corporate or franchise taxes, and cryptocurrencies being exempt from property and sales tax.

In addition, there is the presence of U.S. Senator Cynthia Lummis. The Wyoming lawmaker is one of the first to say digital assets will be a key part of her legislative agenda. Responding to the Ripple news, Lummis' state policy director said many people were"maximalist on Wyoming."

It does not appear as if Ripple will move its headquarters to the crypto-friendly state as its principal office is still listed as San Francisco. However, both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse have said that they are displeased with the seeming lack of regulatory clarity on crypto and blockchain in the United States.

Wyoming is becoming one of the most attractive U.S. states for crypto and blockchain firms. Last year, the Wyoming State Banking Board granted crypto exchange kraken a charter to operate as a crypto-friendly bank and gave Avanti the green light to receive and custody crypto in a similar fashion. In the wake of Tesla's $1.5 billion Bitcoin (BTC) purchase earlier this month, Senator Lummis invited CEO Elon Musk to consider relocating to the state.

Cointelegraph reached out to Ripple for comment, but did not receive a response at the time of publication.

• #Business
• #Payments
• #XRP
• #United States
• #Wyoming

Related News

• Crypto Crime on the Rise — Good Odds of 2020 Becoming a Record-Breaker

• High-flying DeFi protocol takes on stablecoins with supply-elastic token

• US Education Department promotes putting student records on blockchain

• Tokenization of assets is not taking off, but it really should

• uphold to launch crypto cards in Europe with new acquisition

• Akoin rolled out in $2B medical metropolis in Kenya

Loading

Editors Choice

• As Visa and Mastercard raise fees, merchants may look to crypto
• All of the Federal Reserve's wire and ACH systems go down
• Canadian bank plans to launch dollar-backed digital currency 'in the coming months'
• CoinShares launches new physically backed Ether ETP
• 3 reasons Bitcoin price is quickly recovering from its 'severe' 23% correction

Cointelegraph YouTube Subscribe

Advertise with us

Bitcoin BTC/USD

50,721.77 +1.03%

Ethereum ETH/USD

1,645.42 +2.43%

Litecoin LTC/USD

184.47 +0.63%

Ripple XRP/USD

0.48 -3.16%

EOS EOS/USD

3.97 0.00%