More than 100 amendments were filed ahead of the Senate Banking Committee's scheduled Thursday markup of the Clarity Act, covering stablecoins, DeFi protocols, and ethics provisions. The volume of amendments signals deep legislative disagreement and raises the possibility of significant structural changes to the bill's core framework before it advances. The markup represents the most active legislative moment for crypto market structure in the current Congress.
For Armada's crypto repo desk, the amendment outcomes matter concretely: DeFi-related provisions could affect how on-chain collateral arrangements are classified, while stablecoin amendments could alter the usability of stablecoin-denominated margin or settlement. Any new definitions of custodial versus non-custodial arrangements could also intersect with Armada's Fireblocks custody model and no-rehypothecation policy. Monitor closely for markup results.