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Attorney Says Ripple Made a “Smart Move” By Registering in Wyoming

Jamie West by Jamie West
February 24, 2021
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Ripple’s registration of Ripple Markets WY LLC in the pro-cryptocurrency state of Wyoming was approved yesterday. According to the document filed with the Wyoming Secretary of State, the company registration was filed on November 2, 2020, and was approved on February 22, 2020. The application was approved for an unlimited time. 

Avanti Bank & Trust Founder and CEO, Caitlin Long, announced the news through Twitter and welcomed Ripple calling Wyoming a better domicile compared to Delaware because of its crypto-friendly laws. It should be noted that last September, crypto exchange Kraken became the first digital asset company in the history of the USA Bank to receive a banking license that is recognized by both federal and state laws in Wyoming.

Ripple Labs makes a “smart move” by registering in Wyoming

Caption: Ripple Labs makes a “smart move” by registering in Wyoming

Hynes Law Group attorney, Jesse Hynes, responded to the welcome announcement by Long for Ripple. In his tweets, the expert shared his opinion about how it was a “smart move” from Ripple Labs, especially amidst the controversy brought by the recent legal troubles they are facing because of the United States Securities and Exchange Commission (US SEC) lawsuit against the company and two of its top executives.

Hynes stated that the registration might not necessarily have a bearing that will help Ripple against the lawsuit, but it still opens up possibilities. Even if the XRP is determined as a security, Wyoming could be the new “home” for the XRP coin. 

SPDIs can also be custodians of securities in the state, giving Ripple a “win, win” scenario even if it loses the lawsuit. He expects Ripple to announce a partnership with an SPDI in the coming months to keep its On-Demand Liquidity operational in the country. 

However, Hynes clarifies that he is not an expert on Wyoming law and that his statements shouldn’t necessarily be taken as concrete legal or financial advice. Regardless, the attorney believes that the digital token, XRP, could still operate in certain parts of the United States by associating with an SPDI.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrency newsripple news todayRipple pricexrp news predictionxrp news todayXRP price
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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