Circle stock drops after House blocks key procedural vote on legislation
Circle shares slid Tuesday after the House blocked a key procedural vote, stalling momentum on legislation the industry has counted on for regulatory clarity
Circle shares slid on Tuesday after the U.S. House of Representatives failed to clear a key procedural hurdle that would have teed up votes on long-awaited crypto-related bills.
The move dealt a major setback to the digital asset industry, which had cast this week as a turning point for regulatory clarity in Washington, D.C.
Circle, the stablecoin issuer that's soared in value since its public market debut last month, fell more than 5% after the vote. Crypto exchange Coinbase slipped about 2%.
Even after Tuesday's drop, Circle shares are still up more than sixfold from their IPO price.
Representatives from Circle and Coinbase didn't immediately respond to a request for comment.
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This story originally appeared on: CNBC - Author:MacKenzie Sigalos
