By Solomon Odunayo
Ripple, the San Francisco-based cross-border payment firm, has officially become a registered business in the crypto-friendly state, Wyoming.
Going by the records from the Wyoming Secretary of State, the status of Ripple Markets WY LLC as a local business is now listed as active, following the February 2020 initial filing.
As a limited liability company in Wyoming, Cheyenne will be the base of Ripple’s registered agent.
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Caitlin Long, the CEO of digital bank Avanti Bank & Trust, shared this latest development with the cryptocurrency community via her official Twitter handle on 21st February 2021.
Caitlin Long tweeted, “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.”
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
In another tweet, Caitlin Long, who is associated with Wyoming’s legislature Select Committee on Blockchain, Financial Technology, and Digital Innovation, pointed out that companies such as Ripple should consider relocating their businesses to the state, due to the fact that cryptocurrencies are excluded from property and sales tax of the state.
Caitlin Long wrote, “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.”
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At the moment, it cannot be ascertained whether Ripple will consider moving its headquarters to the state as suggested by Long. It’s believed that the stance of both Ripple co-founder Chris Larsen and the CEO Brad Garlinghouse on a move away from the United States due to lack of regulatory clarity still remains.
However, the outcome of the lawsuit between the payment firm and the U.S. Securities and Exchange Commission (SEC) is expected to have a great influence on the firm’s decision.
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