The Securities and Exchange Commission has added three crypto-focused rulemakings to its 2026 Unified Regulatory Agenda, with proposed rules potentially as early as July according to the agency's public rule list on reginfo.gov. The specific scope of each rulemaking has not been fully detailed, but their inclusion signals that SEC Chair Atkins is moving to formalize the agency's crypto oversight posture through notice-and-comment rulemaking rather than enforcement.
For Armada's crypto repo desk, the critical question is whether any of the three rules address crypto asset custody, broker-dealer obligations for digital assets, or the definition of a security as applied to BTC, ETH, or SOL. Any rule that imposes securities custodian requirements on crypto collateral holders could affect the Fireblocks MSA structure and require revisiting the legal basis for Armada's no-rehypothecation policy under a securities law framework.