Some banks oppose the Clarity Act because they argue stablecoin rewards could draw deposits away from the banking system, a16z Crypto head of policy and general counsel Miles Jennings said in a Sept. 11 interview with Crypto in America. Jennings said he has not seen specific evidence supporting that argument. He also said administrative action by the SEC (U.S. securities regulator) alone would make it difficult to give founders long-term regulatory certainty, regardless of which administration is in power. If the agency maintains the regulation-by-enforcement approach associated with former SEC Chair Gary Gensler, Jennings said the departure of crypto entrepreneurs and founders from the U.S. could deepen.