"Circle (CRCL) stock surged nearly 20 percent on May 4, just days after U.S. Sens. Thom Tillis, R-N.C., and Angela Alsobrooks, D-Md., reached a compromise on the wording around stablecoin rewards in the CLARITY Act."
"The agreement reached by Tillis and Alsobrooks introduces a broad prohibition on offering stablecoin rewards in a way that is economically or functionally equivalent to interest paid on traditional bank deposits."
"The surge brought Circle's year-to-date gains to just over 50 percent, despite being significantly below its March 18 peak of $132.84."
Circle's stock increased nearly 20% to $119.53 following a bipartisan agreement on the CLARITY Act's stablecoin rewards language. Senators Thom Tillis and Angela Alsobrooks reached a deal that prohibits stablecoin rewards resembling bank interest. This agreement aims to differentiate cryptocurrency products from traditional banking services. Circle's year-to-date stock gains reached over 50%, despite being below its March peak. Regulators are tasked with creating a new disclosure regime for stablecoins and defining permissible reward activities.
Read at news.bitcoin.com
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