The latest reports reveal that the blockchain based payments company Ripple Labs has now registered a business in Wyoming. Ripple Markets WY LLC’s status as a local business is listed as “active” based on the records from the Wyoming Secretary of State, after an initial filing in February 2021.
Operating as a limited liability firm in Wyoming, Ripple’s registered agent will work from Cheyenne. In that context, Caitlin Long said:
“More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws.”
Long is the current chief executive officer (CEO) of Avanti Bank & Trust digital bank. She is also associated with the state legislature’s Select Committee on Blockchain, Financial Technology, and Digital Innovation. She further explained that crypto companies like Ripple should consider relocating to Wyoming. The state is perfect since it does not have any corporate or franchise taxes, and cryptos are exempt from property and sales tax.
Moreover, there is the presence of the United States Senator Cynthia Lummis. The legislator is among the first to say that digital assets will be an integral part of her legislative agenda. Lummis’ state policy director stated that many people were “maximalist on Wyoming” while responding to the Ripple news.
It does not seem like Ripple will shift its headquarters to the crypto-friendly state because its principal office is still listed as San Francisco. Nevertheless, both Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have expressed their displeasure with the seeming absence of regulatory clarity on blockchain and crypto in the US.
Wyoming is now becoming one of the most attractive US states for blockchain and crypto companies. Last year, the Wyoming State Banking Board granted Kraken cryptocurrency exchange a charter to operate as a crypto-friendly bank and gave Avanti the go-ahead to custody and receive crypto in a similar manner.
After it was discovered earlier this month that Tesla had invested $1.5 billion in bitcoin, Senator Lummis invited the carmaker’s CEO Elon Musk to consider relocating to the crypto-friendly state.