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Gnosis Leader: CLARITY Bill May Enhance Oversight of Cryptocurrency Market, 2026/03/16 10:55:57
Co-founder of the blockchain protocol Gnosis, Friederike Ernst, has expressed concerns that the CLARITY bill regarding the transparency of the digital asset market could shift control of cryptocurrencies to large financial institutions.
In an interview with Cointelegraph, Ernst explained that the proposed legislation envisions conducting cryptocurrency transactions through centralized intermediaries. She believes this poses a risk that the decentralized crypto market may evolve into a system where control is concentrated among a few major players, similar to what occurs in traditional finance.
“The true revolution of blockchain lies not merely in creating a new financial infrastructure, but in enabling users to control the networks they rely on. If transactions are conducted through corporate intermediaries, users risk becoming clients again, renting access to financial technologies rather than being equal participants. The goal is to ensure regulatory clarity that does not disrupt this model,” stated the head of Gnosis.
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The CLARITY bill aims to delineate the powers of the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) in regulating the crypto industry. However, Ernst argues that without protections for open blockchains and decentralized financial protocols, the vulnerabilities of the traditional financial system could be transferred to the crypto sector.
The advancement of the bill in the U.S. Congress is hindered by disagreements between crypto companies and banks. Banks oppose allowing stablecoin issuers and crypto platforms to pay interest to token holders, fearing it may lead to a withdrawal of funds from bank deposits into stablecoins.
Alex Thorn, director of research at investment firm Galaxy, stated that if the bill is not approved by April 2026, the likelihood of its passage within the year will significantly decrease. He noted that, in addition to the issue of interest payments to stablecoin holders, discussions are further complicated by regulatory challenges surrounding decentralized finance (DeFi) and the protection of developers’ rights.
Meanwhile, analysts at American bank JPMorgan believe that CLARITY could accelerate innovation in the U.S., support venture investments, and broaden institutional investors’ access to crypto assets.
