Two regulatory constitutions in the making In the spring of 2025, Washington and Brussels found themselves engaged in a rare act of near-simultaneous legislative ambition. On 29 May 2025, bipartisan leaders in the United States Congress introduced the Digital Asset Market Clarity Act of 2025 (the "CLARITY Act"), a sweeping piece of legislation designed to end years of jurisdictional warfare between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading