CLARITY Act: Intermediary vs Technology Analyzer

Carve-outs, statutory safe harbors, and bespoke charter rights granted exclusively to registered custodians and institutional brokers.

Regulatory reporting and operational compliance costs that create entrenched protective moats for well-capitalized incumbents.

Explicit statutory shielding for software authors, smart contract publishers, and non-custodial node operators against financial intermediary licensing.

Influence of centralized crypto trade associations and PAC capital directing statutory language to protect institutional balance sheets.

Legal recognition of decentralized autonomous protocols without forced intermediary intermediaries or synthetic fiduciary liabilities.