The blockchain-based payment company Ripple has just gotten registered as a business in the state of Wyoming, US.
This news does not come as such a surprise to crypto fans. The state of Wyoming stands proudly in the reputation of being the most crypto-friendly in terms of crypto regulations than Delaware, where the company was initially based.
Records from the Wyoming state secretary details that the limited liability company is inactive status. The local business, Ripple Markets WY LLC, submitted its initial offering on 11th February 2020, and it has not been easy sailing for them.
Ripple has been making not-so-good headlines from late last year after the US SEC blasted them for selling as security. The SEC alleges that Ripple Markets WY LLC is an offering and sold its tokens as a security offering without proper authorizations. The lawsuit continues to be ugly, with no hopes for a settlement.
It is a pretty good guess to assume their shift to a more responsive state would offer them a safe landing.
How is the XRP Responding?
Now that Ripple has been registered as a Wyoming business, its offering has gone up 15% in the last 24 hours.
Caitlin Long, CEO of digital bank Avanti Bank & Trust, expressed on Twitter, “More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws,”
Long is also a member of the state legislature’s Select Committee on Blockchain, Financial Technology, and Digital Innovation. She has advised crypto firms like Ripple to consider relocating to Wyoming for extra benefits- no corporate, property, or sales tax.
It is still unclear as to whether Ripple headquarters will be physically relocated to Wyoming. As it stands currently, the main office is still in San Fransisco.