A Trump White House official is actively negotiating an ethics compromise with Senate Democrats, identified as the last major obstacle to a CLARITY Act floor vote. Senator Cynthia Lummis described the moment as the closest the U.S. has come to getting digital asset legislation right. The ethics dispute centers on Trump family crypto interests and disclosure requirements, not the core stablecoin reserve mechanics.
For Armada, passage of CLARITY would be the most significant regulatory event for the crypto desk since DOGE-era deregulation signals. The bill's custody and reserve requirements for stablecoin issuers could directly govern the standing of tokenized T-Bill collateral on Armada's platform. Legal should pre-position a review of Fireblocks custody arrangements and Armada's no-rehypothecation policy against whatever custody language survives the ethics compromise.