Ripple is Moving to Crypto-Friendly Wyoming; Files to Be A Money Transmitter in Colorado Too
Ripple attorney Mary Jo White meanwhile defended the company, saying SEC is “dead wrong legally and factually,” adding “there’s a crying need for clarity.”
San Francisco-based Ripple is finally making some changes, and although the company is not moving out of the US, it is certainly getting a change of scenery in Wyoming.
The fintech startup has registered a new company in the crypto-friendly state of Wyoming, first shared by Caitlin Long, the founder, and CEO of Avanti Bank & Trust, a bank for digital assets.
“More crypto cos are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws,” shared Long.
Ripple actually filed in Wyoming back in November 2020 and has registered for a new company in Colorado as well. The company is registering as a money transmitter and dealer in FX -States of MSB activities.
The company is currently registered as a money transmitter in California and New York as well.
Since last year, Ripple has repeatedly been saying that they may move out of the US because of the regulations around the cryptocurrencies, and then later, the U.S. Securities and Exchange Commission charged them with allegedly selling unregistered securities.
Last week, former SEC chair Mary Jo White and Ripple’s attorney said the agency is “dead wrong legally and factually” for suing the company.
Meanwhile, the company and (SEC) said recently that there’s little chance of settlement ahead of Ripple’s expected trial.
Previously, Ripple CEO Brad Garlinghouse said he has been looking at Asia and the Middle East as potential places to move to only to backtrack later, saying they will wait and see if, under Joe Biden’s administration, they will get better regulatory clarity. He also donated to Biden for his presidential campaign.
“The crypto-landscape is a critical one, and there’s a crying need for clarity,” said White.
Garlinghouse, along with Chairman Chris Larsen, was also charged by the SEC for allegedly selling more than $1 billion in XRP to retail investors without registering the cryptocurrency as a security or seeking an exemption.
The digital currency, in the question meanwhile, has been suspended from exchanges and other platforms for US users, resulting in the value of the asset depreciating. The coin is now trading around $0.578, up about 8% in the past 24 hours, but down from yesterday’s high of $0.650 as the broad crypto market goes down.