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Due to the new Clarity bill, Circle Shares plummeted 20% today. So what exactly is a catalyst? In this case, it's this legislation that acts as the main trigger because it threatens the incentives for stablecoins, which have been the main attraction for similar projects.
If you follow the crypto regulation developments in the US, you probably know that the Clarity Act is heavily focused on stablecoins. Well, this change in incentives means the revenue model for projects like Circle becomes thinner. No wonder the price dropped sharply.
It's interesting to observe how regulatory catalysts can move the market within hours. This is one of the reasons why we need to keep monitoring policy developments, not just charts.