Thanks to the crypto-friendly laws, more crypto companies are entering Wyoming. World-famous enterprise blockchain company, Ripple, is now registered as a limited liability company in the state, according to records by the Wyoming Secretary of State.
Wyoming Is a State with Crypto-Friendly Laws
Ripple, the enterprise blockchain company, is registered as a limited liability company in Wyoming. Records from the Wyoming Secretary of State confirm that Ripple Markets WY LLC is listed as an active local business. The active status of the company means that the company has met all filing requirements of the Secretary of State’s Office.
Ripple’s registered agent is based in Cheyenne, Wyoming. In other words, by having a registered agent, the company can receive service of process as well as other financial documents. Although Ripple has a registered agent in Wyoming, the company’s headquarters remains in San Francisco.
According to Caitlin Long, founder, and CEO of Avanti Bank & Trust, more crypto companies are coming to Wyoming after realizing that the state is a “better domicile than Delaware“. In a recent post on Twitter, the 22-year Wall Street veteran acknowledged that Wyoming has crypto-friendly laws. Furthermore, she said that crypto companies are exempt from state corporate tax. Crypto companies are also exempt from franchise tax as well as property and sales tax in Wyoming.
Legal Dispute between SEC and Ripple Continues
Last week, the U.S. Securities and Exchange Commission (SEC) updated its complaint which was filed against Ripple in December. The Commission claims that the company breached security laws by not registering a 14.6 billion XRP tokens sale. Furthermore, the regulator claimed that an “information vacuum” was created for the 2013 sale which resulted in investors not being informed.
However, Ripple’s lawyer, Mary Jo White disagreed with the claims made by SEC. Besides a lawyer for the company, she is in fact also a former chair of SEC. Speaking for Fortune last week, White rejected the claims made by the Commission. Furthermore, she stressed that SEC is “wrong legally and factually”.
At the time of reporting, XRP’s market cap is $25,9 billion. The currency’s current trading price is $0.5674.