Gnosis Co-founder: CLARITY Act May Allow Centralized Institutions to Dominate Crypto Market

ZkProver · 2026-03-16T09:26:56+00:00

Gnosis co-founder Friederike Ernst pointed out that the regulatory framework in the US CLARITY Act may strengthen large financial institutions' control in the crypto market and weaken users' participatory role. While the bill clarifies the regulatory boundaries between the SEC and CFTC and protects peer-to-peer transactions, it still faces controversy over stablecoin yield distribution, with unclear prospects for advancement.

ZkProver

2026-03-16 09:26:56

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ChainCatcher News, Gnosis Co-Founder Friederike Ernst stated that the regulatory framework in the U.S. “Digital Asset Market Structure Clarity Act” (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. Ernst believes that over-reliance on institutional intermediaries may cause users to become “customers renting financial technology services” rather than active participants in the network. However, she also noted 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.

Currently, the CLARITY Act still faces controversy in Congress, mainly over the issue of stablecoin yield distribution. Galaxy Digital Research Head Alex Thorn previously stated that if the bill fails to advance before April 2026, the chances of it passing will significantly decrease.

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