In the case of Stellar it's a pity, as they seemed to have a less corporate outlook than Ripple.
They seem to have a less corporate outlook, but as far as I can tell it's just subterfuge. The "non-profit" Stellar Foundation doesn't really mean anything:
Stellar Development Corporation filed with the Delaware secretary of state as a “non-profit non-stock corporation” on July 2, 2014. This means no shareholders or members have rights to receive the company’s assets or profits. It is a self-declaration, not a judicial or administrative determination.
Even as a self-declaration, it means almost nothing. Delaware does not have additional laws or requirements for non-profit corporations. In New York, for example, there is a Not-for-Profit Corporation Law. In New York, you have to earn not-for-profit status, registering and reporting to the Attorney General’s Charities Bureau, which has conducted many high-profile investigations. (In New York, educational non-profits also have to file for approval from the Department of Education.) None of that exists in Delaware. You just file a certificate of incorporation as a non-stock corporation. But that declaration means nothing—it’s the IRS that will determine whether Stellar is a non-profit, not Stellar itself.
Read more at
http://observer.com/2015/02/the-race-to-replace-bitcoin/Ya, I don't especially doubt it. Stating your a non-profit in a place that has virtually no laws to uphold it certainly makes it virtually void, as you've pointed out.
I just wonder if Ripple or Stellar will ever get anywhere. Sometimes it seems as if they are just waiting for some kind of nod from up above and then they'll kick into action in view of a rising demand/price.
Thanks for that article link!