Caught in the crosshair of the US Securities and Exchange Commission (SEC), Ripple Labs has now registered itself in Wyoming in a bid to find regulatory clarity.
Based on records by the Wyoming Secretary of State, Ripple Markets WY LLC is now an active local business following a registration earlier in February. The company's registered agent is in Cheyenne.
Wyoming-based digital bank Avanti Bank & Trust CEO Caitlin Long has welcomed the move despite the regulatory clouds gathering over Ripple's head. She said more crypto companies are considering making a move to Wyoming due to the crypto-friendly approach by the state.
She cited a number of benefits including there being no corporate or franchise taxes and also exemptions for crypto companies insofar as property and sales tax go. Another boon is that US Senator Cynthia Lummis is a proponent of cryptocurrencies and digital assets in general.
Within Wyoming’s regulatory climate Ripple has found reliable allies, while SEC is keeping a close regulatory eye on cryptocurrencies and potentially seeking to fine companies for coloring outside the lines. Regulatory interest will continue to mount as it has led to fewer scams.
Meanwhile, interest in crypto assets has been surging with Tesla, Apple, MasterCard and others beginning to endorse cryptocurrencies.