Republican senators circulated a revised draft of the Clarity Act on September 10, ahead of the chamber's return from recess the following week. The updated text refines how the bill treats crypto activities conducted by both decentralized finance protocols and traditional financial institutions, while keeping its core framework intact. The window for passage before the congressional calendar tightens is narrowing.
For Armada's crypto repo desk, the bill's DeFi and TradFi provisions are directly material. Definitions of permissible collateral, counterparty classification, and custody requirements could all shift depending on final language. Armada's Fireblocks custody arrangement and no-rehypothecation policy should be stress-tested against the draft's custody and asset-segregation sections before the bill advances to a floor vote.