Donor‑Advised Funds as Financial Censors

Donor‑advised funds (DAFs) — intermediaries run by brokerages and asset managers — are increasingly positioned to suspend or approve charitable grants based on investigations, indictments, or reputational data, effectively giving them power to police which organizations can receive tax‑advantaged donations. That power transforms an administrative vehicle into a political choke point that can be used for compliance‑by‑prevention or reputational enforcement without court rulings. — If DAFs routinely suspend grants on reputational grounds, private financial gatekeepers will become central arbiters of civil society funding, shifting accountability from courts and regulators to corporate trustees.