Circle (CRCL) shares rise as Senate passes stablecoin legislation

Investing.com -- Circle Internet Group (NYSE: CRCL) shares climbed as much as 5.3% in premarket trading Wednesday after the U.S. Senate approved legislation establishing regulatory rules for stablecoins, cryptocurrencies that are pegged to the dollar.

The stablecoin vote represents a significant development for the cryptocurrency industry, which has invested heavily in electing lawmakers supportive of digital assets. This legislation marks the most concrete result so far from the hundreds of millions of dollars the industry has directed toward building a crypto-friendly Congress.

Circle, which issues stablecoins, has seen substantial growth since going public. The company’s stock has increased more than 380% from its initial public offering price of $31 as of the last market close.

You May Also Be Interested In

• Trump on Clarity Act: we need Congress to pass it
• U.S. debt tops $40 trillion
• Ck Hutch Seeks Over $1.5b For Destruction Of Panama Investments - Bloomberg