U.S. senators are meeting daily to salvage the CLARITY Act amid a narrowing legislative window, with core disputes centering on restrictions on presidential digital asset profits, how to allocate empty SEC and CFTC seats, and critically, how to regulate yield-bearing crypto products. Semafor reports the divisions remain substantive, not procedural, making a near-term floor vote uncertain.
For Armada's crypto-collateralized repo desk, the yield governance question is the most consequential: if crypto lending and repo are classified under SEC rather than CFTC jurisdiction, registration requirements, counterparty disclosure obligations, and product structuring could shift materially. The SEC/CFTC vacancy dispute also creates regulatory ambiguity that could delay rulemaking Armada needs clarity on before scaling crypto repo operations.