Circle and Coinbase stocks plummeted sharply after details of a stablecoin bill being negotiated in the U.S. Congress were leaked.

Specifically, according to a leaked internal email cited by Crypto in America, the bill proposes banning platforms from paying yields "directly or indirectly" for holding stablecoins.

The law would apply broadly to exchanges, brokers, and affiliated companies.

If this bill is passed into law, the stablecoin yield model of CeFi platforms will be severely restricted. Circle and Coinbase took the hit because the market is pessimistic about that scenario.

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