Circle, Coinbase Tumble on News of Clarity Act Deal

Circle, Coinbase Tumble on News of Clarity Act Deal

Crypto stocks fell on Tuesday after reports of a compromise on legislation that would ban stablecoin rewards on platforms like Coinbase except in some specific instances. Circle Internet Group, the issuer of the second-largest stablecoin by circulation, USDC, plunged 20%, its largest decline on record. Coinbase, which is the country’s largest crypto exchange, previously pulled its support for the legislation, which is intended to set a framework for regulating the crypto industry.

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