- Kraken moves its headquarters to Cheyenne, Wyoming, because of the pro-crypto rules.
- Wyoming has passed more than 30 crypto-specific legislations, developing an attractive business environment for the digital asset space.
- The state plans to launch its own stablecoin, the Wyoming Stable Token (WST), boosting its crypto economy.
Kraken, one of the biggest cryptocurrency exchanges in the United States, has officially moved its headquarters out of San Francisco to Cheyenne, Wyoming. The decision will strengthen the firm in one of the most cryptocurrency-friendly states in the U.S.
Wyoming offers one of the friendliest regulatory environments for digital assets, with more than 30 different regulations specifically geared toward cryptocurrency. Kraken is a company focused on clarity and favorable laws.
Wyoming: The Crypto Hub of the U.S.
Senator Cynthia Lummis (R-WY), a staunch supporter of Bitcoin and pro-crypto legislation, welcomed Kraken to the state, saying that the company will find a crypto-friendly environment in Wyoming. Lummis stated that the state has been progressive regarding cryptocurrency regulations, which made it the best place to have businesses in the digital asset sector.
“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,” Lummis said. “Kraken’s decision to relocate to the Equality State is a testament to Wyoming’s forward-thinking approach.”
This move by Kraken highlights the attractiveness of the state to crypto companies. Wyoming is home to bipartisan digital asset regulation, which makes it one of the states with the best tax rates and transparent regulations. The state’s legal framework protects private keys and views digital assets as property. It also offers a regulatory sandbox to experiment with financial technology, vital to companies such as Kraken.
Kraken’s move to Wyoming is not only about legal benefits. The company has collaborated closely with the state, contributing $300,000 to the University of Wyoming to aid crypto education there. Moreover, the state has long been connected with Kraken as the company co-hosted the first Wyoming Blockchain Symposium in Jackson Hole.
The company’s leadership highlighted that the willingness of the state of Wyoming to innovate contributed significantly to the relocation. The CEO of Kraken, Jesse Powell, had earlier announced the move in 2022 because some employees were no longer feeling safe in San Francisco.
Although it has not had a physical headquarters since then, Kraken believes that the relocation to Cheyenne was in line with its goal of aligning with a state that has placed crypto regulation and a more crypto-friendly federal environment.
Wyoming’s Push for Digital Asset Innovation
Wyoming is not stopping at attracting crypto companies. The state government is also planning to release its stablecoin, Wyoming Stable Token (WST), which has a potential release this summer. Governor Mark Gordon has voiced his position on making Wyoming a pioneer in regulating digital assets, believing that the stablecoin will benefit its economy.
The WST will be the U.S.-backed stablecoin, which will be considered another way to make Wyoming a global crypto hub. As the proposed GENIUS Act passes in Congress, Wyoming crypto policies will likely continue to significantly influence the national digital asset regulation discussion.
