Kraken’s decision to fund a savings account for every child born in Wyoming this year is seen as the latest move to align the exchange with the crypto-friendly Trump administration.
According to CoinGecko, the cryptocurrency exchange currently ranks 6th in the world by 24-hour trading volume, with around $1 billion traded in the past day (behind Binance, Bybit, OKX, Coinbase, and Bitget).
Last week, Kraken announced it would sponsor a “Trump Account” for every child born in Wyoming in 2026, essentially pledging to contribute funds to each account as part of a savings program introduced by President Donald Trump.
While the exchange framed the plan as a way to expand economic opportunities for families, experts say it also highlights its close ties to Wyoming (where it is headquartered) and the Trump administration.
trump tie
Superset’s chief operating officer, Jamie Green, told The Defiant that funding the account was to “maintain goodwill within the jurisdiction” that gave Kraken its most important banking license. In 2020, the state of Wyoming approved Kraken’s plan to form Kraken Bank, making the company the first cryptocurrency company in the U.S. to receive the SPDI Charter, a state banking license that allows the holding and protection of digital assets.
But Green said the move could draw political backlash, as opposed to regulatory oversight. “The bigger risk is political. Democrats and progressive critics will cite this as further evidence of the good relationship between crypto companies and the White House,” he added.
Kraken co-founder Jesse Powell publicly supported Trump during the 2024 election and announced in June of that year that he had personally donated $1 million to the president’s re-election campaign, according to a Congressional staff report.
Reuters also reported last year that Kraken’s parent company Payward hired Trump-aligned lobbying firm Ballard Partners in late 2024, joining several crypto companies seeking to shape policy under the new administration.
“Visible alignment with Trump is an asset today, but a disadvantage when the political winds change,” Greene said.
Wyoming’s impact on cryptocurrencies
Daniel Barra, director of the Olympus Association, told The Defiant that the move reflects the Kraken’s long-standing relationship with Wyoming. Wyoming is a state that often serves as a testing ground for cryptocurrency policy, with initiatives launched being closely monitored by other states.
“Wyoming has created one of the first regulatory frameworks in the nation to treat digital assets as a legitimate financial category,” Barra said. Earlier this year, the state also launched FRNT, the nation’s first state-issued dollar-backed stablecoin, managed by Franklin Templeton and available through partners such as Kraken.
And in March 2025, Wyoming Senator Cynthia Lummis and Representative Nick Begich introduced the Bitcoin Act, legislation that would establish a U.S. Strategic Bitcoin Reserve and codify national digital asset policy.
“Donating $1.2 million to the Trump account for every child born in the state this year reflects the depth of that relationship,” Barra said. “And for companies preparing to go public, this type of visible community investment is likely to be significant.”
Growing convergence
More broadly, experts said Kraken’s move coincides with a major shift in crypto companies deepening their relationships with policymakers.
“We have a sitting president who has launched meme coins and DeFi platforms and is interested in Bitcoin mining,” said Christopher Perceptions, director of Jubilee Labs and strategic advisor to Wisconsin Sen. Dora Drake. “The convergence is here, but the tsunami is still gaining momentum.”
Bala added that just a few years ago, crypto companies were primarily operating outside of or in opposition to the political system. “Hundreds of millions of dollars are now flowing to super PACs, companies moving to regulation-friendly states, and corporate sponsors tied to federal efforts,” he said.
