Kraken Provides Comprehensive Guide on Crypto Taxation

The Senate Banking Committee passed the **CLARITY Act** in a bipartisan vote, marking significant progress for digital asset regulation in the U.S. **Key developments:** - The legislation aims to establish a federal framework for digital asset market structure - Would define digital asset categories and clarify jurisdictional boundaries between SEC and CFTC - Creates consistent standards for intermediaries operating in the space - Received support from both sides of the aisle, including Chairman Tim Scott, Cynthia Lummis, Ruben Gallego, and Angela Alsobrooks The bill now moves toward consideration on the Senate floor. Supporters argue clear federal rules are needed to address the current multi-layered regulatory landscape and protect consumers while maintaining U.S. competitiveness in digital assets.

Kraken is switching its cross-chain infrastructure provider to **Chainlink CCIP** for all wrapped assets, starting with Kraken Wrapped Bitcoin (kBTC). **Key Details:** - Chainlink CCIP will become the exclusive cross-chain solution for kBTC and future Kraken Wrapped Assets - The platform meets enterprise security standards including ISO 27001 and SOC 2 Type 2 certifications - Infrastructure includes 16 independent nodes and native rate limits - No action required from kBTC customers during migration The move aims to improve security and expand distribution of Kraken's wrapped assets across DeFi protocols. Further migration details will be shared through official Kraken channels.

**$STRCx has surpassed $TSLAx** to become the leading xStock by assets under management on Kraken, reaching $55 million. **Key Details:** - STRCx now holds the #1 position among tokenized stocks on the platform - Assets under management: $55M and growing - Each token is backed 1:1 by the underlying asset - Available for trading 24/7 on Kraken **Background:** Kraken's xStocks platform has seen significant adoption, previously recording over $25 billion in trading volume with more than 80,000 onchain holders participating in tokenized equities. Tokenized stocks allow investors to trade traditional equities onchain, combining the accessibility of crypto markets with exposure to conventional assets. [Trade xStocks on Kraken](http://app.kraken.com/JDNW/xStocks)

Kraken has launched a partnership with MoneyGram, enabling users to withdraw cryptocurrency as cash at participating MoneyGram locations worldwide. **Key Features:** - Near-instant access to funds - Available at MoneyGram locations globally - Direct crypto-to-cash conversion This integration bridges digital assets with traditional financial infrastructure, making it easier for users to access their crypto holdings in physical currency. The service aims to provide a practical off-ramp for cryptocurrency users who need immediate cash access. For full details on how to use this service, visit [Kraken's official announcement](https://blog.kraken.com/news/moneygram-partnership).

**72 countries now have specific licensing regimes for crypto intermediaries**, but the United States remains notably absent from this list. Jonathan Jachym, Kraken's Global Head of Policy & Market Structure, argues that **the time for U.S. market structure legislation is now**. In a recent blog post, he outlines: - What passing comprehensive crypto legislation this year would unlock for the industry - The mounting costs of continued regulatory delay - Why further waiting puts the U.S. at a competitive disadvantage As global crypto regulation advances, the U.S. faces a critical decision point on whether to establish clear rules for the industry. [Read the full analysis](https://blog.kraken.com/policy/the-cost-of-waiting-while-the-us-debates)