The Senate has set a markup date for the Clarity Act, the primary U.S. legislation aimed at establishing a durable market structure framework for digital assets. The bill would clarify whether specific crypto assets are commodities or securities, resolving long-standing jurisdictional ambiguity between the SEC and CFTC that has constrained institutional product development.
For Armada's crypto desk, the outcome of markup determines the regulatory status of BTC, ETH, SOL, and HYPE as repo collateral. A commodity classification broadens the counterparty universe, while a securities classification would impose stricter documentation and dealer-registration requirements on margin lending activity. Legal counsel should monitor amendment language closely.