2h ago
Circle (CRCL) Drops 22% to $98 as Senate CLARITY Act Draft Targets Stablecoin Yield
Circle Internet Financial shares (CRCL) fell 22% on Tuesday to $98 after reports said a revised Senate Banking Committee draft of the CLARITY Act would restrict stablecoin-related rewards. The text would bar platforms from offering yield "directly or indirectly" for holding stablecoins or assets treated like bank deposits, potentially affecting business models tied to interest on reserves.