In a very interesting twist, the Wyoming Secretary of State’s records show that Ripple Markets WY LLC is now officially registered as a business based in Wyoming. This comes after Ripple had initially filed for Wyoming registration back in February of 2020. With the new base of operations as a limited liability company, Ripple itself will now boast a registered agent, based in Cheyenne.
Wyoming Trying Hard For Crypto Haven Status
Caitlin Long gave a comment about the matter at large. According to Long, more and more firms are realizing that Wyoming is the better choice between itself and Delaware, citing the state’s more crypto-friendly legislation.
WELCOME TO #Wyoming, @Ripple! More #crypto cos are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws. People often ask how many cos have relocated/redomiciled to Wyoming–we dunno. We don't keep lists & we like it that way #XRP @Mark_Gordon_WY🤠 pic.twitter.com/zsUApz25Jy
— Caitlin Long 🔑 (@CaitlinLong_) February 21, 2021
Long herself stands as the CEO of Avanti Bank & Trust, a digital banking firm. Furthermore, she’s also associated with the Wyoming legislature’s Select Committee on Blockchain, Financial Technology, and Digital Innovation.
Long proclaimed that all crypto firms, Ripple Labs included, should opt to pick up their respective operations and plant them in Wyoming. The reasoning is that the state exempts crypto from property and sales tax, and boasts no franchise or corporate tax, at least for the time being.
Ripple Not Quite Satisfied With US Developments
Another hard plus for crypto businesses is the presence of one Cynthia Lummis, one of the US Senators. Lummis was one of the first figures within the US to state that cryptocurrencies will serve a critical position within the Wyoming lawmaker’s legislative agenda.
As one would imagine, Lummis couldn’t pass up a chance of commenting about Ripple, with her State Policy Director claiming that many were going maximalist when it comes to Wyoming.
This is and has always been about #Wyoming. You may be a maximalist about #Bitcoin while others are maximalist about #Wyoming. Throwing shade because we successfully recruited a business that you don't like is weak sauce. pic.twitter.com/Pjq7waF254
— Tyler Lindholm (@Tyler_Lindholm) February 21, 2021
It seems that Ripple isn’t keen on moving its main offices in Wyoming, at least not just yet. Its principal office is still listed to be within San Francisco, but that might very well change altogether. Both Brad Garlinghouse, Ripple CEO, and Chris Larsen, Ripple Co-Founder, have each expressed their displeasure regarding the US’s lack of regulatory clarity on blockchain technology and cryptocurrencies in general.
Lummis Trying To Approach Elon Musk
Wyoming seems determined to make itself the go-to-state for any crypto or blockchain business in the US. Just last year, the Wyoming State Banking Board had given a charter to Kraken, one of the big crypto exchanges out there, to operate as a crypto-friendly bank within the state. Another important milestone from the state is allowing Avanti to enact crypto custodian services much in a similar vein as Kraken.
The state went as far as trying to approach Elon Musk, the CEO of Tesla, to move his business headquarters to Wyoming. This comes after the company made an eye-bulging $1.5 billion purchase in Bitcoin this year.