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Ripple Becomes Officially Registered In Wyoming

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California-based fintech company Ripple Labs has registered a new legal entity in Wyoming. This is evidenced on the website of the State Secretariat.

The status of Ripple Markets WY LLC has been upgraded to active. The initial application date is February 11, 2020. The legal entity’s office is located in Cheyenne.


Ripple’s headquarters are located in San Francisco. In October 2020, co-founder Chris Larsen announced a likely change of jurisdiction to a more friendly one. According to him, the US has too strict regulation for the cryptocurrency industry.

In December, Ripple CEO Brad Garlinghouse said that the organization took a wait-and-see approach to the move after the election of Joe Biden as president of the United States.

The decision of the Ripple was welcomed by the founder and CEO of the cryptocurrency startup Avanti, Caitlin Long. According to her, more and more companies prefer Wyoming as a digital asset-friendly state.

In December 2020, Avanti received financial institution status from the Wyoming Banking Council. Earlier, the state authorities approved a similar application from the Bitcoin exchange Kraken.

In January 2019 the state of Wyoming passed a law that classifies cryptocurrency as money.

Recall that in December 2020, the US Securities and Exchange Commission (SEC) accused Ripple of selling unregistered securities in the form of tokens for $1.3 billion.

In February 2021, the SEC filed an updated version of the lawsuit, clarifying the liability of the company’s CEO, Brad Garlinghouse, and its co-founder, Chris Larsen.

 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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