Crypto

With Ripple, the US state of Wyoming gains another big cryp

With Ripple, the US state of Wyoming gains another big crypto name

Wyoming is increasingly making a name for itself in the crypto scene as a US state due to its open-minded nature towards cryptocurrencies. Now, blockchain-based payments company Ripple Labs has also Bitcoin Up registered as a Wyoming business.

According to Wyoming Secretary of State records, Ripple Markets WY LLC’s status as a local business is listed as „active“ after an initial filing in February 2020. As a Wyoming limited liability company, Ripple’s registered agent will be located in Cheyenne. Caitlin Long celebrated the news on Twitter, writing:

More and more crypto companies are realising that Wyoming is a better place to incorporate than Delaware because of our crypto-friendly laws.

Long is CEO of digital bank Avanti Bank & Trust and a member of the state legislature’s Select Committee on Blockchain, Financial Technology and Digital Innovation. She indicated that crypto companies like Ripple should consider locating in Wyoming because the state has no corporate or franchise taxes and cryptocurrencies are exempt from property and sales taxes.

Adding to the excitement is the presence of US Senator Cynthia Lummis

The Wyoming lawmaker is one of the first to indicate that digital assets will be an important part of her legislative agenda. Responding to Ripple News, Lummis‘ State Policy Director said that many people in Wyoming are „maximalist“.

While it doesn’t look like Ripple will move its headquarters to the crypto-friendly state, as its headquarters is still listed as San Francisco. However, both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse have said they are unhappy with the apparent lack of regulatory clarity on crypto and blockchain in the United States.

Wyoming is increasingly becoming one of the most attractive US states for crypto and blockchain companies. 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 hold cryptocurrencies in a similar manner. In the wake of Tesla’s $1.5 billion bitcoin (BTC) purchase earlier this month, Senator Lummis even invited CEO Elon Musk to consider moving to the state.