For decades, retirement in America rested on a fragile bargain: Trust the system. Work for 40 years. Hope it works out. Today, that system just got an upgrade. President Trump’s executive order allows crypto to be part of your 401(k) plan, not as a fringe option but as a core component. The old model was slow, opaque, and gatekept. You got what the incumbents allowed: index funds, mutual funds, and bonds, all denominated in a fiat system that loses purchasing power, and all packaged with fees, settlement delays, and layers of middlemen. The new model opens permissionless, programmable, borderless assets to ordinary savers. Bitcoin, Ethereum, stablecoins, yield bearing DeFi instruments, and soon tokenized real world assets like equities, treasuries, real estate, and commodities. These can settle instantly, operate 24/7, and be audited on chain in real time. This is forward mobility for everyday Americans. It means a worker in Ohio can get exposure to global markets without a Wall Street broker. A nurse in Arizona can hold assets that are not eroded by inflation. A builder in Texas can invest in tokenized infrastructure projects, fractionalized down to the cent, with instant liquidity. Retirement planning no longer has to be a 40 year set and pray exercise. It can be active, transparent, and globally diversified from day one. At @krakenfx, we have always said crypto rails are not just for decentralized protocols. They are for everything of value including money, stocks, bonds, and property made digital, tradable, and accessible to anyone with a phone. This policy shift is not just about adding crypto to a retirement wrapper. It is about redefining the wrapper itself from a closed box into an open network. Today, we got one step closer to that vision.

We sent a letter this week to the Senate Banking Committee, in response to their draft of crypto market structure legislation. On the critical question of which tokens should be regulated as securities, the Senate's draft takes a very different approach from the CLARITY Act that was already passed in the House. We think the Senate's approach—"ancillary assets"—is better for crypto. While both bills are an improvement on the Howey-based regime—which is notoriously difficult to apply and creates toxic perverse incentives for issuers—the Senate draft is significantly simpler, and avoids forcing decentralized tokens and protocols to fit themselves into an inflexible legislative framework. Instead, it protects against abuse with a simple exclusion—assets that come with legal rights to specified financial interests do not qualify as ancillary assets. As we explain in the letter, we think this is the cleanest test that protects decentralized crypto assets while preventing traditional securities issuers from improperly taking advantage of this framework.

🇺🇸 UPDATE: Kraken US users can now deposit USD through PayPal.

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