Ripple Labs, the blockchain-based payments firm, has now registered a business in Wyoming.
It has been reported according to records from the Wyoming Secretary of State that 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.
Caitlin Long, the CEO of digital bank Avanti Bank & Trust, said:
“More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws.”
She said that 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.
WHY SHLD #crypto cos redomicile to #Wyoming? No state corp tax, no franchise tax, crypto exempt from property & sales tax, our commercial laws clarify crypto legal status, crypto-friendly banks opening soon, access to crypto-open gov/legislators/US senator. All laws open-source🤠 pic.twitter.com/IVFjndFA8M — Caitlin Long 🔑 (@CaitlinLong_) February 21, 2021
However, there is the presence of US 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.”
This is and has always been about #Wyoming. You may be a maximalist about #Bitcoin while others are maximalist about #Wyoming. Throwing shade because we successfully recruited a business that you don't like is weak sauce. pic.twitter.com/Pjq7waF254 — Tyler Lindholm (@Tyler_Lindholm) February 21, 2021
The report said that 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.
Likewise, Wyoming is becoming one of the most attractive US states for crypto and blockchain firms.
Thus, 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.