Opposition by U.S. banks to the CLARITY bill could weaken their own position, a16z crypto policy head and general counsel Miles Jennings said. He argued that the GENIUS Act is already in force and has accelerated on-chain dollar movement, with other real-world assets likely to follow regardless of CLARITY. If CLARITY fails, he said, stablecoin deposit yield structures banks oppose would remain. Banking groups have urged stricter bans on interest-like rewards for holding stablecoins.

U.S. politicians’ view of the cryptocurrency industry is changing, with the sector’s ability to survive years of regulatory pressure helping persuade lawmakers, a report said. Andreessen Horowitz co-founder Marc Andreessen said the Biden administration pursued aggressive enforcement rather than clear rules but failed to break the industry. He said a comprehensive framework such as the CLARITY bill is urgent to protect users and support long-term planning. He also disputed claims crypto enables illicit finance, citing blockchain traceability.