Circle Internet Group Inc (NYSE:CRCL) stock tumbled on Tuesday after a restrictive Senate draft of a stablecoin bill rattled investors.
However, shares are bouncing back on Wednesday, right after rising in premarket trading.
Meanwhile, Ark Invest doubled down and Circle pushed forward with European and African expansion plans.
Regulatory Pressure Batters CRCL Stock
Circle Internet’s shares plunged after a Senate draft of the CLARITY Act proposed barring companies from paying yield on stablecoin balances held in trading accounts, directly threatening USDC’s appeal as a yield-bearing product.
The rule could slow USDC adoption, reduce wallet growth, and weaken the bull case that regulatory clarity would unlock a larger stablecoin market.
Ark Invest Steps In With $16.3 Million Purchase
Despite the selloff, Ark Invest bought 161,513 Circle shares across three ETFs — ARKF, ARKK, and ARKW — totaling approximately $16.3 million at a closing price of $101.17.
Circle Pushes Ahead on Europe and Africa
On the regulatory front, Circle urged European policymakers to …