Why Circle Internet Group Stock Was Crushed Today

A significant legislative defeat negatively affected cryptocurrencies and cryptocurrency stocks alike on Tuesday. One of the latter that really took it on the chin was top stablecoin developer Circle Internet Group (NYSE: CRCL). The company's stock wasn't a top pick for most investors, as it plummeted more than 11% that trading session.

Crypto insiders and investors were hoping for the Senate to pass the Clarity Act, as the proposed law would have established which regulatory bodies were responsible for policing different kinds of digital currencies and other assets. The act was passed in a vote in the House of Representatives last year.

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