US Stock Market Move | The concept stocks of cryptocurrency plummeted collectively, with Circle (CRCL.US) falling over 17%.

On Tuesday, the concept stocks of cryptocurrencies collectively plummeted, with Circle (CRCL.US) dropping by over 17%, Coinbase (COIN.US) and Bullish (BLSH.US) dropping by over 7%, MARA Holdings (MARA.US) and Robinhood (HOOD.US) dropping by over 4%. In terms of news, it was reported that industry participants in the crypto industry saw the latest provisions on stablecoin income in the revised version of the Senate's "Clarifying Law Around Cryptocurrency Market and Cryptocurrency Services Act" during a closed-door review meeting on Capitol Hill in Washington on Monday. According to a person familiar with the current draft, the new provisions will prohibit earning income solely from holding stablecoins, while also restricting any practices that make the program equivalent to bank deposits, and setting further limitations on other potentially allowable activities. The specific identification mechanism for stablecoin rewards based on activities is still unclear. The closed-door review meeting aims to push the Senate Banking Committee to arrange a hearing, which is an important step for the bill to move towards a full Senate vote. The progress of the bill still faces other obstacles: all parties still need to reach a consensus on the regulatory framework for DeFi, and Democrats also insist on adding a provision that prohibits senior government officials from seeking personal gain from the crypto industry, a provision that seems to target former President Trump.