Protecting Moms and Babies Against Climate Change Act

Issues related to Kraken's U.S. business operations including our centralized exchange and bank, among other products and services; crypto legislation and draft crypto legislation; draft senate market structure digital asset legislation, including: S. 4356: Responsible Financial Innovation Act, S. 3755 - Digital Commodity Intermediaries Act, H.R. 3633-Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025, and all provisions related to centralized exchange functions and market structure affecting the treatment of digital assets.

Client expense: $480,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

Issues related to crypto & digital assets including 1) digital assets market structure initiatives such as H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act and Senate companion drafts such as S. 4356, the Responsible Financial Innovation Act (RFIA) and S. 3755, the Digital Commodity Intermediaries Act and 2) Stablecoins legislation clarification including S. 919, Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the GENIUS Act) Issues related to including digital assets in registered investment companies and the taxation of digital assets, including H.R. 9175, the Tax Clarity for Mining and Staking Act Increases in the stock buyback excise tax included in FY27 National Defense Authorization Act (NDAA) - H.R. 8800 and S. 4784 Various reconciliation issues in H.R.1, the One Big Beautiful Bill Act, including section 899 and implementation of Trump accounts Treasury meetings about Trump accounts. Protecting closed-end funds from activist investors and enhancing retail investor access to alternative investments & private markets - H.R. 3383, the Increasing Investor Opportunities Act Capital formation initiatives included in H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act (note same bill number as the CEF bill - two bills combined) and possible Senate companion legislation, the Empowering Main Street in America Act (EMSAA) Promoting inclusion of alternative investments in retirement plans, including H.R. 2544 & S. 1222, the Financial Freedom Act and H.R. 5748, the Retirement Investment Choice Act which codifies President Trumps executive order (14330) on alternative investments in 401(k)s Accredited investor reform initiatives including H.R. 3348, the Accredited Investor Definition Review Act, H.R. 3339, the Equal Opportunity for All Investors Act, and H.R. 3394, the Fair Investment Opportunities for Professional Experts Act Clarifications about restrictions on outbound investments to China included in the National Defense Authorization Act (NDAA) S. 1071 including the COINS Act, the Comprehensive Outbound Investment National Security Act of 2025 Business Development Company issues including H.R. 2225 & S. 1808 - the Access to Small Business Investor Capital Act E-delivery initiatives including H.R. 2441 & S 1877, the Improving Disclosure for Investors Act Retirement security initiatives, including S. 424 and H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Retirement savings initiatives including promoting tax deferral for individuals participating in voluntary, employer provided retirement plans and IRAs and H.R. 2696 and S. 1526, the Retirement Savings for Americans Act (RSAA) that would create a federal retirement system ERISA litigation reform efforts such as H. R. 6084, the ERISA Litigation Reform Act Congressional oversight of ESG investing including proxy voting by asset managers and various legislative initiatives H.R. 3682 and S. 3578, the FSOC Improvement Act which reforms the Financial Stability Oversight Councils non-bank Systematically Important Financial Institution (SIFI) designation process.

HR 3633, Clarity Act S. 4356 Responsible Financial Innovation Act (RFIA)

Client expense: Not reported · Firm income: $15,000

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE

GSE Reform Monitoring Monitor accredited investor definition proposals (Expanding Access to Capital Act) Financial Stability Oversight Council Improvement Act (H.R. 3682) Corporate Governance Issues SEC Disclosure Issues Increasing Investor Opportunities Act (INVEST ACT, H.R. 3383) Financial Stability Oversight Council Improvement Act (H.R. 3682) Responsible Financial Innovation Act (S.4356) Monitor real estate tokenization issues

Client expense: $1,720,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Issues related to Kraken's U.S. business operations including our centralized exchange and bank, among other products and services; crypto legislation and draft crypto legislation; draft senate market structure digital asset legislation, including: S. 4356: Responsible Financial Innovation Act, S. 3755 - Digital Commodity Intermediaries Act, H.R. 3633-Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025, and all provisions related to centralized exchange functions and market structure affecting the treatment of digital assets.

Client expense: $465,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

GSE Reform Monitoring FHFA/FHLB Membership issues Monitor accredited investor definition proposals (Expanding Access to Capital Act) Financial Stability Oversight Council Improvement Act (H.R. 3682) Corporate Governance Issues SEC Disclosure Issues Increasing Investor Opportunities Act (INVEST ACT, H.R. 3383) Financial Stability Oversight Council Improvement Act (H.R. 3682) Responsible Financial Innovation Act (S.4356) Monitor real estate tokenization issues

Client expense: $1,720,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

H.R.1-One Big Beautiful Bill Act. S.2207-Lummis Tax Package, and all provisions related to tax legislation affecting the treatment of digital assets. H.R.3633-Digital Asset Market Clarity Act of 2025 (CLARITY Act of2025). S.4356-Responsible Financial Innovation Act. S.3755-Digital Commodity Intermediaries Act.

Client expense: Not reported · Firm income: Not reported

H.R.1-One Big Beautiful Bill Act. S.2207-Lummis Tax Package, and all provisions related to tax legislation affecting the treatment of digital assets. H.R.3633-Digital Asset Market Clarity Act of 2025 (CLARITY Act of2025). S.4356-Responsible Financial Innovation Act. S.3755-Digital Commodity Intermediaries Act.

Client expense: Not reported · Firm income: Not reported

H.R.1-One Big Beautiful Bill Act. S.2207-Lummis Tax Package, and all provisions related to tax legislation affecting the treatment of digital assets. H.R.3633-Digital Asset Market Clarity Act of 2025 (CLARITY Act of2025). S.4356-Responsible Financial Innovation Act. S.3755-Digital Commodity Intermediaries Act.

Client expense: Not reported · Firm income: Not reported

Issues related to Kraken's U.S. business operations including our centralized exchange and bank, among other products and services; crypto legislation and draft crypto legislation; draft senate market structure digital asset legislation, including: S. 4356: Responsible Financial Innovation Act, S. 3755 - Digital Commodity Intermediaries Act, H.R. 3633-Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025, and all provisions related to centralized exchange functions and market structure affecting the treatment of digital assets.

Client expense: $465,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

Issues related to crypto & digital assets including 1) digital assets market structure initiatives such as H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act and Senate companion drafts such as S. 4356, the Responsible Financial Innovation Act (RFIA) and S. 3755, the Digital Commodity Intermediaries Act and 2) Stablecoins legislation clarification including S. 919, Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the GENIUS Act) Various reconciliation issues in H.R.1, the One Big Beautiful Bill Act, including section 899 and implementation of Trump accounts. Treasury meetings (Feb & March 2026) about Trump accounts. Protecting closed end funds from activist investors and enhancing retail investor access to alternative investments & private markets - H.R. 3383, the Increasing Investor Opportunities Act. Capital formation initiatives included in H.R. 3383, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. Promoting inclusion of alternative investments in retirement plans, including H.R. 2544 & S. 1222, the Financial Freedom Act and H.R. 5748, the Retirement Investment Choice Act which codifies President Trumps executive order (14330) on alternative investments in 401(k)s. Accredited investor reform initiatives including H.R. 3348, the Accredited Investor Definition Review Act, H.R. 3339, the Equal Opportunity for All Investors Act, and H.R. 3394, the Fair Investment Opportunities for Professional Experts Act. Clarifications about restrictions on outbound investments to China included in the National Defense Authorization Act (NDAA) S. 1071 including the COINS Act, the Comprehensive Outbound Investment National Security Act of 2025 Business Development Company issues including H.R. 2225 - the Access to Small Business Investor Capital Act. E-delivery initiatives including H.R. 2441 & S 1877, the Improving Disclosure for Investors Act. Retirement security initiatives, including S. 424 and H.R. 1013, the Retirement Fairness for Charities and Educational Institutions. Retirement savings initiatives including promoting tax deferral for individuals participating in voluntary, employer provided retirement plans and IRAs and H.R. 2696 and S. 1526, the Retirement Savings for Americans Act (RSAA) that would create a federal retirement system. ERISA litigation reform efforts such as H. R. 6084, the ERISA Litigation Reform Act. Congressional oversight of ESG investing including proxy voting by asset managers and various legislative initiatives. H.R. 3682 and S. 3578, the Financial Stability Oversight Council (FSOC) Improvement Act which reforms the Financial Stability Oversight Councils non- bank Systematically Important Financial Institution (SIFI) designation process. Met with Treasury about FSOC reworking guidance and supporting congressional legislation such as the FSOC Improvement Act.

HR 3633, Clarity Act S. 4356 Responsible Financial Innovation Act (RFIA)

Client expense: Not reported · Firm income: $15,000

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE

GSE Reform Monitoring Monitor accredited investor definition proposals (Expanding Access to Capital Act) Financial Stability Oversight Council Improvement Act (H.R. 3682) Corporate Governance Issues SEC Disclosure Issues Increasing Investor Opportunities Act (INVEST ACT, H.R. 3383) Financial Stability Oversight Council Improvement Act (H.R. 3682) Responsible Financial Innovation Act (S.4356) Monitor real estate tokenization issues

Client expense: $1,213,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Issues related to crypto & digital assets including 1) digital assets market structure initiatives such as H.R. 3633, the Digital Asset Market Clarity (CLARITY) Act and Senate companion drafts such as S. 4356, the Responsible Financial Innovation Act (RFIA) and 2) Stablecoins legislation including S. 919, Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the GENIUS Act) Various reconciliation issues in H.R.1, the One Big Beautiful Bill Act, including section 899 and implementation of Trump accounts Retail investor access to alternative investments & private markets, including H.R. 3383, the Increasing Investor Opportunities Act Promoting inclusion of alternative investments in retirement plans, including H.R. 2544 & S. 1222, the Financial Freedom Act and H.R. 5748, the Retirement Investment Choice Act which codifies President Trumps executive order (14330) on alternative investments in 401(k)s Accredited investor reform initiatives including H.R. 3348, the Accredited Investor Definition Review Act, H.R. 3339, the Equal Opportunity for All Investors Act, and H.R. 3394, the Fair Investment Opportunities for Professional Experts Act Restrictions on outbound investments to China included in the National Defense Authorization Act (NDAA) S. 2296 and H.R. 2246 & S.1053, the Foreign Investment Guardrails to Help Thwart (FIGHT) China Act Business Development Company issues including H.R. 2225 - the Access to Small Business Investor Capital Act E-delivery initiatives including H.R. 2441 & S 1877, the Improving Disclosure for Investors Act Retirement security initiatives, including S. 424 and H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Retirement savings initiatives including promoting tax deferral for individuals participating in voluntary, employer provided retirement plans and IRAs and H.R. 2696 and S. 1526, the Retirement Savings for Americans Act (RSAA) that would create a federal retirement system ERISA litigation reform efforts such as H. R. 6084, the ERISA Litigation Reform Act Congressional oversight of ESG investing including proxy voting by asset managers and various legislative initiatives

Legislation and oversight of ESG investing including proxy voting by asset managers H.R. 3633--Digital Asset Market Clarity (CLARITY) Act S. 4356--Responsible Financial Innovation Act (RFIA) Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE Act) of 2025 S. 919--Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) of 2025 Issues related to crypto & digital assets including digital assets market structure initiatives and Stablecoins legislation. H.R. 1--One Big Beautiful Bill Act--Various reconciliation issues in H.R.1, the One Big Beautiful Bill Act, including the corporate tax rate, the stock buyback excise tax, section 899, Trump accounts, and corporate state and local tax (SALT) proposals H.R. 3383--Increasing Investor Opportunities Act--Retail investor access to alternative investments & private markets H.R. 2544--Financial Freedom Act S. 1222--The Liberty Act Retail investor access to alternative investments & private markets H.R. 3348--Accredited Investor Definition Review Act H.R. 3339--Equal Opportunity for All Investors Act H.R. 3394--Fair Investment Opportunities for Professional Experts Act Accredited investor reform initiatives H.R. 2246/S.1053--Foreign Investment Guardrails to Help Thwart (FIGHT) China Act--Restrictions on outbound investments to China H.R. 2225--Access to Small Business Investor Capital Act--Business Development Company issues H.R. 2441/S. 1877--Improving Disclosure for Investors Act--E-delivery initiatives H.R. 1013/S. 424--Retirement Fairness for Charities and Educational Institutions--Retirement security initiatives Retirement savings initiatives including promoting tax deferral for individuals participating in voluntary, employer provided retirement plans and IRAs and H.R. 2696 and S. 1526, the Retirement Savings for Americans Act (RSAA) that would create a federal retirement system Congressional oversight of ESG investing including proxy voting by asset managers and various legislative initiatives