The movement of the Clarify Bill is causing ripples in the market. The latest proposal has been announced, and it has emerged that significant restrictions might be imposed on reward systems related to stablecoins, which caused Circle's stock price to drop nearly 20% all at once.

How regulators proceed with stablecoin regulations is a very important theme for this industry. The market's big reactions to each new bill proposal are likely due to the uncertainty involved. Especially when it comes to reward structures, it can impact the very business model of projects.

For major stablecoin issuers like Circle, these regulatory developments are a matter of life and death. The stock price decline reflects how the market is assessing this risk. The industry is closely watching how the specific details of future bills will unfold. I believe that transparency in the policymaking process will lead to market stability in the long run, but in the short term, the lack of clarity is causing price fluctuations.

Such policy risks can affect not only individual companies but also the entire stablecoin market. It seems worthwhile to pay close attention to how this develops.