Kraken, a crypto exchange in the United States, is relocating its headquarters from San Francisco to Cheyenne, Wyoming. The state has a record of having crypto-friendly regulations for crypto companies that will favor the company.
Senator Cynthia Lummis (R-WY), a crypto evangelist for a long time and helped make Wyoming’s crypto policy, praised Kraken’s move.
Wyoming has been at the forefront of digital asset policy for nearly a decade and has created the perfect environment for digital asset companies to thrive […] Kraken’s decision to relocate to the Equality State is a testament to Wyoming’s forward-thinking approach and reinforces its position as America’s premier crypto hub.
– Senator Cynthia Lummis
Kraken mentioned that Cynthia Lummis’ tireless advocacy on behalf of Bitcoin and the crypto industry, to several state laws that drive responsible innovation, proved that there is no state better suited for Kraken’s headquarters.
Kraken says that they are after Wyoming’s crypto-friendly laws
Wyoming has been diligent in enacting over 30 crypto-specific laws. Now, the state is known as a hub for crypto companies because it has low taxes, liberal roots, and bipartisan support for digital asset legislation.
Companies like Custodia Bank and blockchain startup NodeHaven already have offices in the state. They do this to take advantage of rules that protect private keys, treat digital assets as property, and provide a regulatory sandbox for fintech experimentation. In addition, CleanSpark, known for Bitcoin mining, also has facilities in the state.
Kraken said that Wyoming’s commitment to innovation is both visible and extensive. The crypto exchange has worked with Wyoming for years. It has given $300,000 to the University of Wyoming to support crypto education and co-hosting the first Wyoming Blockchain Symposium in Jackson Hole.
Kraken wrote, “Now, almost four years after our initial interest in Wyoming, it’s time to further deepen our local presence by setting down roots in Cheyenne. This move doesn’t change our globally distributed and remote-first workforce; it is recognition of the pro-crypto policymakers and constructive regulations that have made us feel at home.”
The company also said this move makes it official that it is aligning itself with a jurisdiction that has prioritized clear and consistent regulations and is now moving more in line with a friendlier federal environment. Meanwhile, Kraken employees will work remotely across the country.
Wyoming Stable Token (WST) is on the horizon
Under the leadership of Governor Mark Gordon, the state is also getting ready to launch its fully-backed stablecoin called the Wyoming Stable Token (WST).
“There was a time before 2008 when capitalism was really important, and that meant failure could happen,” Gordon said. He believes being a “first mover” in this space will give Wyoming a huge advantage. He sees the stablecoin as a way to boost the state’s economy and solidify its reputation as a leader in digital asset regulation.
The start is set for this summer. If it passes, Wyoming would be the first state to release a stablecoin backed by the government. This is also a good time because the GENIUS Act is in its last laps to get approved. The bill is headed to the House of Representatives and later on to the Oval Office.
Trump is pushing for the bill to pass because if the House fails to act by August, the GENIUS Act risks losing momentum. Upon enactment, agencies (Fed, OCC, FDIC, CFTC, etc.) have 180 days to issue final rules capturing oversight, reserve requirements, audits, licensing, disclosures, and enforcement protocols. This means that the bill will become law in February 2026.
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