Kraken's Evolution into a Financial Infrastructure Firm

Crypto exchange Kraken unlocked a major milestone this week: gaining coveted access to the Federal Reserve. The U.S.’s second-largest exchange became the first crypto company in history to be granted a master account, giving it a direct line into the Fed’s payment rails, though not full banking powers.

We break down what this moment means for Kraken and the broader crypto industry with the exchange’s Global Head of Policy and Government Affairs Jonathan Jachym.

We also dive into the latest regulatory developments, including a new OCC rulemaking proposal and fresh guidance on the capital treatment of tokenized securities, with Ethena Labs Deputy Counsel Larry Florio.