Circle Internet Group Initial Public Offering at the New York Stock Exchange in New York City, U.S., June 5, 2025.
NYSE
Circle shares slid on Tuesday after the U.S. House of Representatives failed to clear a key procedural hurdle that would have teed up votes on long-awaited crypto-related bills.
The move dealt a major setback to the digital asset industry, which had cast this week as a turning point for regulatory clarity in Washington, D.C.
Circle, the stablecoin issuer that’s soared in value since its public market debut last month, fell more than 5% after the vote. Crypto exchange Coinbase slipped about 2%.
Even after Tuesday’s drop, Circle shares are still up more than sixfold from their IPO price.
Representatives from Circle and Coinbase didn’t immediately respond to a request for comment.
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