The US Senate is scheduled to vote Tuesday on the Clarity Act, sweeping crypto legislation that would define jurisdictional boundaries between the SEC and CFTC for digital assets and establish statutory classifications for tokens as commodities or securities. Whether the bill has sufficient votes remains uncertain, with several centrist senators still undecided as of Sunday. If passed, the Act would represent the most consequential shift in US digital asset regulation since the emergence of spot Bitcoin ETFs.
For Armada's crypto repo desk, the Clarity Act's asset classification framework directly affects how BTC, ETH, and SOL are treated as collateral under applicable law. A commodity designation for major tokens would favor Armada's operational model, while a securities classification could impose registration, reporting, and custody requirements that affect Fireblocks arrangements and counterparty eligibility. Armada should ensure legal counsel is tracking the vote and prepared to assess any final bill text against existing custody agreements and collateral policies.