Svmuu News: Friederike Ernst, co-founder of Gnosis, stated that the regulatory framework outlined in the U.S. "Clarity Act" (CLARITY Act) could grant large financial institutions greater control over the crypto market. She noted that certain provisions of the bill assume market activities must be conducted through centralized intermediaries, which could undermine the role of blockchain users as network participants and stakeholders. Ernst believes that if there is excessive reliance on institutional intermediaries, users may revert to being “customers renting financial technology services” rather than actual 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 transactions and self-custody. Currently, the CLARITY Act’s progress through Congress remains contentious, with the main disagreement centered on the distribution of stablecoin yields. Alex Thorn, Head of Research at Galaxy Digital, previously stated that if the bill fails to advance by April 2026, the likelihood of its passage will drop significantly. (Cointelegraph)