a16z Crypto Policy Head and Legal Counsel Miles Jennings said that some banks do not want the Clarity Act to pass at all. In an interview with Crypto in America, he emphasized, "The banking sector claims that stablecoin rewards will lead to deposit outflows, but I have not seen any concrete evidence to support this so far." He added, "The administrative actions of the U.S. Securities and Exchange Commission (SEC) alone make it difficult to provide long-term regulatory certainty to founders, regardless of changes in administration. If the 'enforcement instead of legislation' approach from the Gary Gensler era as SEC Chairman continues, the outflow of crypto entrepreneurs and founders from the U.S. could intensify."
