I will emphasize that this is not my area and I am not commenting in an official capacity but IIRC it's less about 'registered in', and more about 'has state-specific financial licenses for' versus 'has a business presence in' versus individual state law. Somewhat like the mess that is US the domestic tax nexus. Anyway, I believe there are legal reasons why, owing to the above, we are not allowed to divulge state-on-state policy. We have a really good legal team. Yes, this sounds nuts and is entirely counterintuitive, but that's the US legal system for you.