With the CLARITY Act's congressional prospects fading, the SEC, CFTC, and banking regulators are each advancing separate crypto market structure rules. The result is a patchwork regime with overlapping jurisdictions, inconsistent definitions of digital asset securities, and no unified custody or collateral standard. The durability of any single agency's framework remains uncertain given litigation and potential future legislative override.
For Armada's crypto-repo desk, this matters because tokenized T-Bill collateral eligibility and BTC/ETH repo structures could be subject to conflicting treatment depending on which regulator asserts jurisdiction. Counterparties including hedge funds and family offices will demand clarity on how Armada's collateral policy aligns with the operative framework, and any rule change could require rapid policy revision.