The state of Wyoming recently introduced a particular bill entailing the integration of blockchain technology to company filings systems. The new Wyoming-specific act states that it would implement a fresh filing system that purposefully takes advantage of the blockchain framework to the companies registered within the state this 2021.
It further reads that it would then be utilized by such companies to report and supply information better to law enforcement. While that seems to be the primary purpose of the blockchain tech integration, Wyoming companies would greatly benefit from it. This is because the new filing system would enable them to harness APIs on top of supplying required security standards by way of authenticated digital identities.
The bill is still in the consultation process as of press time.
Ripple moves into Wyoming
The blockchain payments company, Ripple Labs, has seemingly been attracted by Wyoming’s promise of being the most crypto-friendly state in the United States.
As per the Secretary of State of Wyoming’s records, Ripple Labs’ status as Wyoming’s local business is now ticked as “active” following its initial filing last year. Ripple, listed as a limited liability firm, is apparently registered explicitly in Cheyenne.
While it does not look like Ripple plans to move its headquarters from its San Francisco home to the more crypto-friendly state, its top executives remain displeased with the apparent lack of regulatory clarity on both blockchain and crypto in the entire United States.
This development also notably came amidst the high-profile legal battle the firm is currently engaged in against the SEC. That may be, Wyoming seemingly felt like a safe haven to them.