Circle stock falls after House GOP fails to advance crypto bills

Investing.com -- Circle (NYSE: CRCL) stock fell 5% and Coinbase (NASDAQ: NASDAQ: COIN) dropped 3% after House Republican leaders failed to secure enough votes to advance a series of crypto-friendly regulatory measures on Tuesday.

The House voted 196-222 against a procedural step necessary to begin consideration of three industry-backed bills, including legislation on stablecoin regulation. The setback represents a significant hurdle for the crypto industry, which has been pushing for clearer regulatory frameworks.

House conservatives have previously blocked similar procedural steps as a way to demonstrate discontent with leadership. The impact on the future of these bills remains unclear, though they could still be considered if Republican leaders manage to gather sufficient support in the future.

The failed vote particularly affected Circle, which issues the USDC stablecoin, one of the largest dollar-pegged cryptocurrencies in the market. Stablecoin regulation was among the key measures included in the proposed legislation package.

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