Blockchain-based payment firm Ripple Labs is reportedly registered as a business in Wyoming.
Ripple Markets WY LLC's status as a local business was confirmed active after initial filing in February 2020. Although the company is based in Wyoming, Ripple's registered agent will be based in Cheyenne.
Avanti Bank & Trust CEO and founder Caitlin Long described this ‘transition’ as an awareness that Wyoming is much better for crypto companies due to its crypto-friendly laws than Delaware.
At the same time, this decision may help XRP status to be clearer even though it is still facing Securities and Exchange Commissions (SEC) summonses.
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
Long also expressed his opinion that crypto companies such as Ripple should move to Wyoming because the district not only does not impose any franchise or corporate taxes, but also cryptocurrencies are exempt from property and sales taxes.
United States (US) Senator Cynthia Lummis, the only senator who wants to teach other senators about crypto, also supports Ripple's move to the state.
Wyoming is one of the U.S. districts gaining attention among crypto and blockchain firms. Last year, the Wyoming State Banking Board handed over a charter to the crypto exchange, Kraken to operate as a crypto-friendly bank.
