The Blockchain Association submitted a letter to the Senate signed by 160 former national security officials urging passage of the Clarity Act, which would establish a statutory framework for classifying digital assets as securities or commodities. The Association also scheduled a virtual town hall for June 4 to build broader support. The legislation has been stalled amid jurisdictional disputes between SEC and CFTC.
For Armada's crypto-repo desk, passage of the Clarity Act would determine whether BTC, ETH, SOL, and HYPE are treated as commodities or securities under federal law, materially affecting haircut policy, eligible counterparty scope, and margin documentation requirements under MRA/GMRA equivalents. Legal counsel should assess how each classification scenario interacts with Armada's current collateral schedule.