Ripple Labs Now Registered A Business In Wyoming
Ripple Labs Now Registered A Business In Wyoming
February 23, 2021
Ripple Labs Now Registered A Business In Wyoming
Ripple Labs Now Registered A Business In Wyoming
February 23, 2021

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.

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.

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Responding to the Ripple news, Lummis’ state policy director said many people were “maximalist on Wyoming.”

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. 

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.

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.

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Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.