A comparative analysis published May 25 highlights that U.S. crypto regulation has shifted materially over two years, from an enforcement-heavy, retroactive model under prior SEC and CFTC leadership to an emerging framework of formal rulemaking covering stablecoins, digital asset classification, and blockchain-based settlement. Accounting standards and custody rules that previously left CFOs exposed are now being codified, reducing legal grey zones for institutional participants.
For Armada's crypto repo desk, this transition directly affects collateral eligibility decisions. Tokenized T-Bills, BTC, ETH, and SOL collateral all benefit from clearer custody and settlement rules, while the Fireblocks SOC 2 positioning gains credibility in a more rules-based environment. Legal counsel should map new rulemaking timelines against Armada's current collateral acceptance and no-rehypothecation policies.