"Kraken Financial will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets."
As a Montana resident, I'm vicariously proud of our "little brother" southern neighbor, while also being terrifyingly jealous. Wyoming has approved Kraken's application to form a Special Purpose Depository Institution, creating "Kraken Financial".
An SDPI is similar to a regular bank in that it allows storing, moving, and managing money for businesses and individuals. Where it differs is the rules regarding making loans with the funds customers deposit: regular banks can do that, SDPI's cannot.
This could become the best way to turn your Crypto hodlings into everyday-use fiat. This is a HUGE step forward in the regulation of Crypto use in the USA.