President Trump has publicly committed to passing the CLARITY Act, which would establish a federal framework for digital asset market structure by clarifying which assets fall under SEC versus CFTC jurisdiction. The bill passed the Senate Banking Committee earlier in May but faces a complex path through a divided legislative calendar. Analysts note that even with executive support, timeline and content remain uncertain.
For Armada's crypto repo desk, the CLARITY Act is the single most consequential piece of pending legislation. It would determine whether BTC, ETH, SOL, and HYPE are classified as commodities or securities, directly affecting which regulatory framework governs their use as repo collateral and which counterparties can legally transact. Armada should begin mapping current collateral categories against the bill's proposed classification criteria.