**[Gnosis Executive: The CLARITY Act May Push Cryptocurrency into the Hands of Centralized Institutions]** Reported by Jinse Finance on March 16, according to Dr. Friederike Ernst, co-founder of the Gnosis blockchain protocol, the regulatory provisions in the U.S. "Digital Asset Market Structure and Transparency Act" (known as the CLARITY Act) threaten to hand control of cryptocurrency over to major financial institutions. The regulatory provisions in the CLARITY Act assume that all activities must go through centralized intermediaries, which could lead to cryptocurrency infrastructure being concentrated in the hands of a few vested interests, Ernst stated in an interview with Cointelegraph. She said, "The real breakthrough of blockchain is not just a new financial infrastructure, but more importantly, that users themselves can become owners of the networks they rely on." Ernst further noted, "If all activities are forced to go through institutional intermediaries, users may once again become customers renting financial technology rather than stakeholders. The challenge lies in ensuring that regulatory clarity does not inadvertently undermine this ownership model." Despite its shortcomings, the CLARITY Act clarifies the regulatory jurisdiction between the SEC and CFTC and protects peer-to-peer transactions and self-custody, Ernst said. However, the market structure act fails to adequately protect open, permissionless blockchain infrastructure and decentralized finance protocols, which could result in cryptocurrency inheriting all the failure points of the traditional financial system, Ernst added.