Kraken Backs Trump Accounts for Wyoming Newborns

• 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.
• Kraken also mentioned that the decision was influenced by Wyoming’s favourable regulatory climate. 

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. 

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