Key Notes
- Wyoming leads US crypto regulation with over 30 specialized laws covering custody, staking, and DAO formation since 2020.
- Kraken received the first Special Purpose Depository Institution charter, enabling full-reserve banking operations for digital assets.
- The exchange deepened Wyoming ties through $300K university grants and co-hosting major blockchain events in the state.
Kraken has officially moved its headquarters from San Francisco to Cheyenne, Wyoming, reinforcing its long-standing confidence in the state’s supportive regulatory approach to digital assets. The relocation highlights Wyoming’s increasing prominence in shaping US crypto policy and regulation.
The decision comes after several years of engagement with state institutions. In 2020, Kraken became the first digital asset platform to receive a Special Purpose Depository Institution (SPDI) charter in Wyoming, allowing it to custody client assets and operate as a full-reserve bank under a framework designed for the digital finance sector.
Why Wyoming Is Winning Crypto Race?
Wyoming’s rise as a destination for blockchain firms is rooted in its innovative legal infrastructure. Over the past four years, the state has passed more than 30 crypto-specific laws, ranging from property classification of digital assets to protections around private key disclosure. These frameworks enable custody solutions, staking clarity, tokenized equity, and DAO formation, offering what Kraken describes as the most coherent digital asset structure in the country.
The Equality State is already home to Custodia Bank, NodeHaven, and CleanSpark, further reinforcing its status as a crypto corridor. Senator Cynthia Lummis , a longtime digital asset advocate, welcomed Kraken’s relocation, calling it “a testament to Wyoming’s forward-thinking approach.”
Kraken’s Institutional Commitment to Wyoming
The exchange’s ties with the state go beyond policy. In 2021, Kraken awarded a $300,000 grant to the University of Wyoming to support blockchain education. It also co-hosted major events like the Wyoming Blockchain Stampede and the first Blockchain Symposium in Jackson Hole.
Kraken co-CEO Arjun Sethi noted that the move isn’t just symbolic. It reflects a deeper alignment with the values Wyoming is embedding into its financial and technological systems. Despite maintaining a remote-first model, Kraken is setting down roots locally to continue collaborating with lawmakers and innovators on the ground.
The American frontier was never just about land. It was about economic mobility, personal freedom, and forward momentum. It reflected what the founding generation hoped for: open systems, individual agency, and a belief that people could build something better with the right… pic.twitter.com/LJ76fNAPTd
— Arjun Sethi (@arjunsethi) June 20, 2025
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