Blockchain payments company Ripple Labs is currently registered in the state of Wyoming, USA.
According to a filing from Secretary of State Wyoming, Ripple Markets WY LLC’s status as a local business is listed as “in operation” after the first filing in February 2020. As a public Limited Liability Company in Wyoming, Ripple’s registered agent will be based in Cheyenne.
“Many crypto companies are realizing Wyoming as a better place of residence than Delaware due to our crypto-friendly laws,” Caitlin Long said.
Long is CEO of Avanti Bank & Trust Digital Bank and is affiliated with the state legislature’s Selection Committee on Blockchain, Financial Technology and Digital Innovation. She said crypto companies like Ripple should consider moving to Wyoming as the state doesn’t have any corporate or franchise taxes, and cryptocurrencies are exempt from property and sales taxes.
In addition, US Senator Cynthia Lummis was also present. The lawmaker representing Wyoming was among the first to say that digital assets will be a key part of her agenda. Responding to the news about Ripple, Lummis’ chief policy officer said many were “Wyoming maximalists.”
It looks like Ripple will move its headquarters to crypto-friendly as its main office is still listed as San Francisco. However, both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse say they are dissatisfied with the lack of regulatory clarity on cryptocurrencies and blockchain in the United States.
Wyoming is becoming one of the most attractive US states for crypto and blockchain companies. Last year, the State Banking Council of Wyoming granted crypto exchange Kraken a charter to act as a crypto-friendly bank and green-lighted Avanti to receive and deposit cryptocurrencies according to the same way.
Following Tesla’s $ 1.5 billion Bitcoin acquisition earlier this month, Senator Lummis invited CEO Elon Musk to consider relocating the company headquarters to Wyoming.