a16z's Miles Jennings Says Banks Fighting the CLARITY Act Are 'Accelerating Their Own Obsolescence'

a16z's Miles Jennings said banks fighting the CLARITY Act are 'accelerating their own obsolescence.' Six banking trade groups are pressing senators to tighten the bill's prohibition on interest-like rewards for holding stablecoins. Jennings noted such payments will continue under GENIUS if CLARITY dies, highlighting the legislative battle over stablecoin regulation.