A planned SEC meeting focused on crypto policy was canceled without a rescheduled date, adding to a pattern of delayed or absent regulatory engagement on digital asset issues despite the industry's expectation of a more active SEC posture under the current administration. The CoinDesk analysis characterizes this as symptomatic of broader institutional friction in translating political signals into actionable rulemaking. For Armada's crypto desk, the absence of SEC guidance on key issues including custody, broker-dealer treatment of digital assets, and tokenized securities leaves counterparties and clients operating under prolonged ambiguity. This directly affects how hedge funds and family offices assess their own compliance posture before entering crypto-collateralized repo arrangements, potentially slowing Armada's counterparty pipeline.