Bitcoin posted its largest seven-day gain since November 2024, rising 22.6% after President Trump met with crypto executives at the White House and publicly urged Congress to advance the CLARITY Act, a market structure bill delineating SEC and CFTC jurisdiction over digital assets. The price move was accompanied by significant liquidations, suggesting leveraged positioning caught short. The legislative push represents the most direct executive pressure on crypto legislation since the 2024 election cycle.
For Armada's crypto repo desk, CLARITY Act passage would materially affect how BTC, ETH, SOL, and HYPE are classified — commodity versus security designation changes margin treatment, eligible counterparty pools, and potentially Fireblocks custody obligations. The 22.6% BTC price spike also stresses LTV models: margin buffers set at prior price levels may need recalibration, and family office and miner counterparties may seek to draw on credit lines against appreciated collateral.