Former New York Governor Andrew Cuomo, now actively engaged in crypto policy advocacy, warned publicly that the United States risks ceding regulatory leadership to the EU and Asia if Congress does not pass a comprehensive crypto market structure bill. His remarks were directed at the stalled legislative calendar and August recess dynamics that have left the Clarity Act and similar bills in limbo.
For Armada, the absence of clear federal legislation means the firm's crypto repo desk must continue operating under a patchwork of SEC proposals, CFTC guidance, and state-level frameworks. This sustains legal uncertainty around collateral classification for SOL and HYPE in particular. Armada's compliance posture should assume no new federal statute before the 2026 midterms and document collateral decisions accordingly.