Overview
- Sen. Cynthia Lummis announced the plan on the Wyoming Legislature floor before Kraken issued a confirming statement.
- Kraken has not disclosed its per‑child contribution, whether it will match the federal $1,000 seed, or how any funds would be invested or custodied.
- The federal pilot grants $1,000 from the Treasury to eligible births from 2025 to 2028, with contributions not permitted before July 4, 2026 and early investments focused on low‑fee index funds that currently exclude crypto products.
- Kraken frames the move as a long‑term investment linked to Wyoming’s pro‑crypto policy environment and its decision to base its global headquarters in Cheyenne.
- Supporters cite financial inclusion benefits, while critics warn of ethical and political influence concerns, noting the friendlier regulatory climate after the SEC withdrew its 2023 case against Kraken.