Bitcoin reclaimed $66,000 after reports that the White House distributed agreed-upon ethics-provision language to Senate Republicans, removing the primary procedural obstacle to a floor vote before the August recess. The ethics provisions had been the last sticking point blocking bipartisan agreement on the broader CLARITY Act market-structure bill, which would assign jurisdiction between the SEC and CFTC for digital assets.
For Armada's crypto-repo desk, the bill's collateral classification framework matters directly: assets deemed commodities under CFTC jurisdiction carry different counterparty and custody implications than securities. BTC, ETH, and SOL eligibility as repo collateral could be clarified or constrained by final language. Legal should track committee text on custody and rehypothecation exemptions before any recess vote.