The Digital Asset Clarity Act, which would establish a federal framework for classifying digital assets as commodities or securities, is struggling to find a clear path to a Senate floor vote with the legislative calendar narrowing. Key sticking points include jurisdictional disputes between SEC and CFTC, treatment of DeFi protocols, and holdout members on both sides of the aisle. The bill has not secured the 60-vote threshold needed to advance.
For Armada's crypto-repo desk, continued absence of federal classification law means BTC, ETH, SOL, and HYPE collateral remain in a legal gray zone. Counterparties such as hedge funds and family offices may maintain conservative haircut demands or restrict repo tenor until classification is settled. Legal counsel should track any amended text that addresses repo-eligible digital asset definitions.