Crypto In America Kraken Cracks the Fed, Agencies Take Lead on Crypto Guidance with @JonathanJachym and @larryflorio
Mar 6, 2026
Jonathan Jachym, Kraken’s Global Head of Policy, who led Kraken Financial to a Federal Reserve master account. Larry Florio, Ethena Labs Deputy Counsel, who breaks down agency guidance on tokenization. They discuss Kraken’s Fed master account and its limits. They unpack recent OCC/FDIC/Fed guidance, capital treatment for tokenized securities, and what regulators’ moves mean for banking and tokenization.
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Trump Echoed Coinbase Messaging On Stablecoins
- President Trump publicly supported stablecoin rewards, echoing industry talking points about consumer choice.
- Hosts noted Trump's post quoted Brian Armstrong's line that Americans should earn more on their money and followed Coinbase's White House meeting.
Kraken Breaks Into Fed Payment System
- Kraken securing a Fed master account signals deliberate integration of crypto into U.S. payment rails.
- Jonathan Jachym said Kraken Financial applied over five years ago and worked with Wyoming DOB and Kansas City Fed under a 2022 Fed framework.
Limited Purpose Account Focuses On Custody And Settlement
- Kraken's master account is limited purpose, not full banking, designed for custody and fiat settlement features.
- Jachym emphasized the account lets Kraken hold overnight balances, move fiat faster, and remove correspondent bank intermediaries.