Gate News reports that on March 16, Gnosis co-founder Friederike Ernst stated that the regulatory framework in the CLARITY Act could give larger financial institutions greater control over the crypto market. She pointed out that some provisions of the bill assume that market activities need to be conducted through centralized intermediaries, which could weaken the role of blockchain users as network participants and stakeholders. Relying too heavily on institutional intermediaries might cause users to become “customers renting financial technology services” rather than active participants in the network. Ernst also mentioned that the bill clarifies the regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to some extent, and provides certain protections for peer-to-peer trading and self-custody.
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