Kraken’s decision to fund savings accounts for every child born in Wyoming this year is being viewed as the latest move aligning the exchange with the crypto-friendly Trump administration.
The cryptocurrency exchange currently ranks as the sixth largest globally by 24-hour trading volume, with about $1 billion traded over the past day – behind Binance, Bybit, OKX, Coinbase, and Bitget, according to CoinGecko.
Last week, Kraken said it would sponsor “Trump Accounts” for every child born in Wyoming in 2026, essentially pledging a financial contribution to each account as part of a savings program introduced by President Donald Trump.
While the exchange framed the plan as a way to grow financial opportunity for families, experts say it also underscores its close relationship with Wyoming (where it is headquartered), as well as the Trump administration.
Trump Ties
Jamie Green, COO at Superset, told The Defiant that funding the accounts is about “maintaining goodwill in the jurisdiction” that afforded Kraken its most significant banking license. In 2020, Wyoming approved Kraken’s plan to launch Kraken Bank, making it the first crypto company in the U.S. to receive an SPDI charter – a state banking license that lets it hold and safeguard digital assets.
However, Green said the move could invite political backlash, as opposed to regulatory scrutiny. “The greater risk is political. Democrats and progressive critics will cite this as further evidence of a cozy relationship between crypto firms and the White House,” he added.
Jesse Powell, Kraken’s co-founder, publicly backed Trump during the 2024 campaign, announcing in June of that year that he had personally donated $1 million to the president’s re-election bid, according to a congressional staff report.
Reuters also reported last year that Payward Inc., Kraken’s parent company, hired the Trump-aligned lobbying firm Ballard Partners in late 2024, joining several crypto companies that hoped to shape policy under the new administration.
“Being visibly Trump-aligned is an asset today – and a liability when political winds change,” Green said.
Wyoming’s Crypto Influence
Daniel Bara, director of the Olympus Association, told The Defiant that the move reflects Kraken’s long-standing relationship with Wyoming – a state that has often served as a testing ground for crypto policy and where initiatives launched are closely watched by other states.
“Wyoming built one of the first regulatory frameworks in the country that treated digital assets as a legitimate financial category,” Bara said. Earlier this year, the state also launched FRNT, the first U.S. state-issued dollar-backed stablecoin, managed by Franklin Templeton and available through partners including Kraken.
And in March 2025, Wyoming Senator Cynthia Lummis and Congressman Nick Begich introduced the BITCOIN Act – legislation that would establish a U.S. Strategic Bitcoin Reserve and codify a national digital asset policy.
“Committing $1.2 million to fund Trump Accounts for every child born in the state this year reflects the depth of that relationship,” Bara said. “And for a company preparing for a public offering, that kind of visible community investment likely carries weight.”
A Growing Convergence
From a broader standpoint, experts said that Kraken’s move aligns with a larger shift of crypto firms deepening ties with policymakers.
“We have a sitting president who has launched a meme coin, a DeFi platform, and has interests in Bitcoin mining,” Christopher Perceptions, lead at Jubilee Labs and a strategic advisor to Wisconsin State Senator Dora Drake, said. “The convergence is here, and the tidal wave is still gathering momentum.”
Bara added that just a few years ago, crypto companies largely operated outside the political system or rebelled against it. “Now you have hundreds of millions flowing into super PACs, companies relocating to regulatory-friendly states, and corporate sponsorships tied to federal initiatives,” he said.