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About two-thirds of Fortune 500 companies are incorporated in Delaware, where they enjoy tax benefits and a special court to settle business disputes. But a tiny Native American tribe in South Carolina hopes to usurp Delaware’s status as the nation’s preeminent tax haven, and it’s starting with crypto.
The Catawba Indian Nation, a group of about 3,500 people on land 30 miles south of Charlotte, North Carolina, last month published a draft regulation for stablecoins, digital currencies intended to bring financial stability to an erratic cryptocurrency market. Borrowing banking codes and tweaking popular legal frameworks used by other states — including North Dakota, South Dakota and Wyoming — the tribe has its sights set on becoming the place people go when they want to start a crypto venture.
South Carolina tribe wants to be like Delaware, but for crypto businesses
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