Kraken’s newly granted access to a Fed master account brings Bitcoin closer to mainstream banking, said Senator Cynthia Lummis, a known Bitcoin proponent, in a Wednesday interview with CNBC.
The senator predicted that the development would accelerate convergence between traditional banks and crypto firms, enabling financial institutions to eventually offer both dollar-based and digital asset services under one roof.
Kraken utilized Wyoming’s special-purpose depository institution framework to secure approval, becoming the first digital asset firm to gain access to the Fed’s rails.
Discussing the tax reform she introduced last July, Lummis said lawmakers are weighing a $300 threshold to exempt small crypto transactions from capital gains taxes.
The proposed de minimis exemption would allow Americans to spend Bitcoin and other digital assets on everyday purchases without triggering a taxable event, according to the Wyoming Republican who chairs the Senate Banking Subcommittee on Digital Assets.
The proposed de minimis exemption would allow Americans to spend Bitcoin and other digital assets on everyday purchases without triggering a taxable event, Lummis said today in a televised interview.
On the push for regulatory clarity, she said Republicans on the Banking Committee have made significant concessions to Democratic colleagues on legislation that would establish clearer rules for digital assets.
The House has already approved a version of the legislation, but Senate negotiations remain ongoing.
Source: https://cryptobriefing.com/bitcoin-banking-integration-kraken-fed/
