Sources cited by CoinDesk indicate a revised version of the Crypto Clarity Act, the primary legislative vehicle for resolving SEC-CFTC jurisdiction over digital assets, could be released as early as next week. Prior drafts have wrestled with whether tokens like SOL or HYPE are commodities or securities, a distinction with direct implications for how they may be used as repo collateral under existing law.
For Armada, the draft's treatment of non-BTC/ETH assets is critical. If SOL or HYPE are classified as securities under the new text, the crypto desk's collateral eligibility policies and counterparty agreements may require amendment. The traditional repo desk should also monitor whether tokenized T-Bill treatment is addressed, given growing use as collateral.