Ripple has registered in Wyoming, one of the most crypto-friendly states in the US. According to the government’s official website, Ripple Markets WY LCC was registered in February 2020. This was announced by Caitlin Long, CEO of Avanti Bank, who published the application showing that Ripple is now domiciled in Wyoming:
“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”.
Why should crypto companies prefer Wyoming? Caitlin Long explains:
“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”.
Ripple would be joining Kraken and IOHK.
Why did Ripple choose Wyoming?
Wyoming is one of the most flexible states in the US with respect to cryptocurrency companies. It was already chosen by Kraken, which obtained a licence to offer banking services from Wyoming.
What makes this state even stronger is the presence of a pro-Bitcoin senator, Cynthia Lummis. She has taken it upon herself to interact with the new Biden-era Treasury Secretary, Janet Yellen, to promote the benefits of Bitcoin and cryptocurrencies.
The news of Ripple’s registration in Wyoming has been good for the price. In fact, Ripple is moving against the trend today, with a double-digit gain of 13%. This has brought the price of XRP to within 60 cents. This increase comes after a turbulent period for Ripple. The lawsuit against the SEC, which will see its preliminary hearing today, took the price of the token down to 19 cents in late December.
Ripple then joined the industry’s bull run and recovered, and is now showing positive signs, and is not even too far off its November 2020 peaks of over 70 cents.