A coalition of over 200 firms including Coinbase and Ripple formally urged Senate leadership to schedule a floor vote on the CLARITY Act, the comprehensive digital asset market structure bill. Simultaneously, Galaxy Digital's research head cut his 2026 passage probability from 75% to 60%, citing a compressed legislative calendar and unresolved ethics-related provisions that have stalled bipartisan support.
For Armada's crypto repo desk, CLARITY Act passage would provide regulatory certainty on whether BTC, ETH, SOL, and HYPE are treated as commodities or securities for collateral and margining purposes. A 60% passage probability means meaningful legislative uncertainty persists through year-end; repo agreements and client documentation should be stress-tested against both a CLARITY world and continued regulatory ambiguity.