Regulatory Landscape & Innovation - Regulatory clarity is crucial for scaling tokenization innovation, as uncertainty can stall product development or lead to offshore migration [1] - Collaboration between regulatory bodies like SEC and CFTC is essential for the future of U S market infrastructure, marking a shift from fragmentation [1] - Innovation exemptions, interoperability, and joint product reviews are necessary for building frameworks that reflect global financial systems [3] Tokenization & Market Access - Tokenization aims to broaden access to capital markets and reduce friction, rather than simply replicating existing products onchain [2] - Kraken's approach emphasizes transparency, secure custody, and resilient secondary markets as baseline safeguards for tokenized systems [2] - Tokenization is viewed as modernization, requiring frameworks that align with the operation of financial systems in a global, always-on environment [3]

Regulatory Alignment - UK to strengthen ties with US on cryptocurrencies and digital assets [1] - Deal expected to include stablecoins and closer regulatory alignment [1] Focus Areas - Cooperation specifically targets stablecoins [1]