Kraken Backs Trump Accounts for Wyoming Newborns

TheNewsCryptoPublished on 2026-02-17Last updated on 2026-02-17

Abstract

Kraken, a U.S.-based crypto exchange, has announced it will support President Donald Trump's "Trump Accounts" initiative by sponsoring accounts for every child born in Wyoming in 2025. Trump Accounts are tax-advantaged retirement accounts that allow parents to save for children under 18. Under a federal pilot program, each U.S. newborn from 2025–2028 will receive a one-time $1,000 contribution from the U.S. Treasury, invested in index funds to grow tax-deferred until adulthood. Kraken's co-CEO Arjun Sethi stated the move supports families and reinforces Wyoming's role in crypto leadership. Senator Cynthia Lummis praised the decision for giving children a financial head start. Kraken cited Wyoming’s favorable crypto regulations as a key reason for the sponsorship. The exact contribution amount was not disclosed.

Kraken, a US-based crypto exchange, has promised to back President Donald Trump’s “Trump Accounts” move in Wyoming. Kraken has officially announced on February 16 that the exchange will sponsor Trump Accounts for every child born in Wyoming in this year by making a financial contribution to each eligible account as part of the federal program.

Talking about Trump Accounts, it is a new type of tax-advantaged retirement account that permits parents or legal guardians to open and contribute funds for children under the age of 18.

As per the federal pilot program, each U.S. citizen newborn born between Jan 1, 2025, and Dec 31, 2028, will be given a one-time $1,000 seed contribution from the U.S. Treasury. The given funds are then invested in applicable market index funds and grow on a tax-deferred basis till the child hits adulthood.

The co-Chief Executive Officer of Kraken, Arjun Sethi, made a statement mentioning that, by seeding accounts for every newborn this year, we are supporting families from day one and reinforcing Wyoming’s role as the USA’s home for responsible crypto leadership.

The Appreciation from the Community

Senator Cynthia Lummis appreciated the decision of the exchange to back Trump accounts in the state and mentioned that the investment will make sure children in Wyoming have a financial head start.

She further added that I am thankful for their commitment to the upcoming generation of Wyoming and to the Cowboy State’s economic future. However, the contribution amount hasn’t been disclosed by the exchange yet.

Kraken also mentioned that the decision was influenced by Wyoming’s favourable regulatory climate, where it was capable of becoming the nation’s first Special Purpose Depository Institution under the state’s crypto-orientated banking framework.

Another co-CEO, Dave Ripley, posted on X (formerly Twitter) that we chose Wyoming as our global headquarters because it results in a thoughtful, responsible crypto policy.

Highlighted Crypto News Today:

Steak ‘n Shake Sees Sales Growth After Bitcoin Acceptance

Crypto Industry Watches As Poland Advances Long-Delayed Regulatory Bill

Poland's parliament has passed a long-delayed cryptocurrency regulatory bill, driven by urgency following a fraud scandal at a local exchange. Prime Minister Donald Tusk cited the Zondacrypto case, where users lost access to funds and which had alleged Russian ties, as proof of the need for investor protections. The approved bill grants Poland's Financial Supervision Authority (KNF) broad powers to oversee the market, impose penalties, and block accounts or transactions. However, the legislation faces potential rejection, as it retains contentious account-blocking provisions that led President Karol Nawrocki to veto two prior versions. Critics argue it lacks sufficient judicial oversight. A third veto would prolong regulatory uncertainty as Poland races to align with the EU's MiCA framework by a July deadline. The bill prevailed over three other competing proposals in a parliamentary vote.

bitcoinist18m ago

Crypto Industry Watches As Poland Advances Long-Delayed Regulatory Bill

bitcoinist18m ago

Winter for Crypto IPOs: Consensys and Ledger Withdraw Applications

The crypto IPO window is tightening significantly in 2026, marked by prominent companies delaying or pausing their public listing plans. Following a successful 2025 "harvest year" that saw Circle, Bullish, and Gemini go public amidst a bull market, the tide has turned. Consensys, developer of MetaMask, recently postponed its IPO until at least fall 2026. Hardware wallet leader Ledger also suspended its planned US listing due to unfavorable market conditions, with Kraken having previously delayed its own plans. This shift is driven by a cooling market in 2026, characterized by a significant Bitcoin price correction, declining trading volumes, and reduced investor risk appetite for crypto stocks. The poor post-IPO performance of 2025 listings like Circle and Bullish, which saw major share price declines, has heightened investor caution. This contrasts sharply with the current AI sector, where companies like SpaceX, OpenAI, and Anthropic are commanding massive valuations and investor enthusiasm based on narratives of stable, exponential growth. Crypto companies now face pressure to transition from hype-driven models to demonstrating reliable cash flows and robust compliance. While the paused IPO plans may lead to valuation resets and affect ecosystem liquidity, they also accelerate industry consolidation toward stronger, more compliant infrastructure players. A potential recovery in Bitcoin's price and clearer regulations could reopen the IPO window in the latter half of 2026.

marsbit35m ago

Winter for Crypto IPOs: Consensys and Ledger Withdraw Applications

marsbit35m ago

ChatGPT Can Manage Your Money for You. Would You Trust It with Your Bank Account?

OpenAI has launched a personal finance tool for ChatGPT, currently in preview for US-based ChatGPT Pro users. This feature allows users to connect their bank and investment accounts (via Plaid, supporting over 12,000 institutions) directly to ChatGPT. It analyzes transactions, generates visual dashboards, and offers conversational financial advice—such as budgeting or planning for major purchases—based on the user's actual data. This move follows OpenAI's acquisitions of fintech startups Roi and Hiro Finance, signaling a strategic push into vertical "super assistant" applications, similar to its earlier health-focused feature. However, the launch has sparked significant privacy concerns. Critics question the safety of granting such sensitive financial access to an AI, especially amid ongoing lawsuits alleging OpenAI shared user chat data with third parties like Meta and Google. OpenAI emphasizes that ChatGPT only reads data (no transaction capabilities), deletes it within 30 days if disconnected, and offers opt-out options for model training. Yet, trust remains a major hurdle. The trend reflects a broader industry shift: AI companies like Anthropic and Perplexity are also targeting high-value, data-rich domains like finance and health. While technically promising, the tool operates in a regulatory gray area—it provides personalized guidance but disclaims formal financial advice or liability. Ultimately, OpenAI's challenge is convincing users to trust an AI with their most private financial information.

marsbit36m ago

ChatGPT Can Manage Your Money for You. Would You Trust It with Your Bank Account?

marsbit36m ago

Hyperliquid Sued by Two Major Traditional Exchanges

In a notable development within the financial sector, two of the world's largest traditional exchanges, CME Group and Intercontinental Exchange (ICE), have jointly filed a complaint with the U.S. Congress and the Commodity Futures Trading Commission (CFTC). They are demanding stricter regulatory oversight of the cryptocurrency derivatives platform Hyperliquid. This move signals escalating tensions between established traditional financial institutions and emerging digital asset trading venues, highlighting the ongoing regulatory debate surrounding the crypto industry.

marsbit37m ago

Hyperliquid Sued by Two Major Traditional Exchanges

Hyperliquid, a cryptocurrency derivatives platform, is facing formal complaints from two major traditional exchanges, CME (Chicago Mercantile Exchange) and ICE (Intercontinental Exchange, parent company of the New York Stock Exchange). The firms have jointly approached the U.S. Congress and the CFTC (Commodity Futures Trading Commission), urging stricter regulatory oversight of Hyperliquid's operations. The action highlights growing tensions between established traditional financial institutions and emerging crypto-native platforms in the derivatives market.

链捕手4h ago

Trading

Spot

Futures

Kraken Backs Trump Accounts for Wyoming Newborns

Abstract

The Appreciation from the Community

Related Questions

Related Reads

Crypto Industry Watches As Poland Advances Long-Delayed Regulatory Bill

Winter for Crypto IPOs: Consensys and Ledger Withdraw Applications

ChatGPT Can Manage Your Money for You. Would You Trust It with Your Bank Account?

Hyperliquid Sued by Two Major Traditional Exchanges

Hyperliquid Sued by Two Major Traditional Exchanges

Trading