Blockchain payment company Ripple Labs currently has a business registered in Wyoming.
According to the records of the Secretary-General of the Wyoming State Government, Ripple Markets WY LLC was listed as an “active” business after its first filing in February 2020. As a limited liability company in Wyoming, Ripple’s registered agent will be located in Cheyenne.
Caitlin Long said on Twitter: “Because of our encryption-friendly laws, more and more encryption companies have realized that Wyoming is a better place to register in Bitolawa.”
Long is the CEO of Avanti Bank & Trust, a digital bank, and has ties to the state legislature, the Special Committee on Blockchain, Financial Technology and Digital Innovation. She said that cryptocurrency companies like Ripple should consider moving to Wyoming, because Wyoming does not have any corporate tax or franchise tax, and cryptocurrency is exempt from property tax and sales tax.
In addition, there is US Senator Cynthia Lummis. The Wyoming state legislator was one of the first to say that digital assets will be a key part of her legislative agenda. In response to Ripple’s news, the Wyoming State Policy Director stated that many people are “Wyoming’s biggest activists.”
Ripple doesn’t seem to move its headquarters to this crypto-friendly state because its main office is still in San Francisco. However, Ripple co-founder Chris Larsen and CEO Brad Garlinghouse both stated that they are dissatisfied with the seeming lack of regulatory clarity on cryptocurrencies and blockchain in the United States.
Wyoming is becoming one of the most attractive US states for cryptocurrency and blockchain companies. Last year, the Wyoming Banking Commission granted a license to the cryptocurrency exchange Kraken, allowing it to operate as a cryptocurrency-friendly bank, and gave Avanti the green light to allow it to receive and custody cryptocurrencies in a similar manner. Earlier this month, Tesla bought Bitcoin for $1.5 billion, and Senator Lummis invited Tesla CEO Elon Musk to consider moving to Wyoming.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.