a16z executive says no evidence stablecoin rewards would drain bank deposits

Some banks do not want the Clarity Act to pass, a16z Crypto head of policy and general counsel Miles Jennings said in an interview with Crypto in America. Jennings said the banking sector argues stablecoin rewards would trigger deposit outflows, but he has not seen specific evidence so far to support that claim. Jennings also said administrative action by the U.S. SEC alone would make it difficult to provide founders with long-term regulatory certainty regardless of changes in administration. He added that if the agency continues the "regulation by enforcement" approach seen under former SEC Chairman Gary Gensler, the outflow of crypto entrepreneurs and founders from the U.S. could deepen.