Circle's market value shed roughly $5 billion in a single session after a U.S. legislative draft signaled a potential crackdown on 'interest-like' returns for simply holding stablecoins—an earnings-sensitive issue for the company's business model and a flashpoint for the broader stablecoin economy. According to Artemis Analytics, the sell-off followed the emergence of a draft 'Clarity Act' provision that would prohibit exchanges and intermediaries from offering direct or indirect compensation resembling interest on customers' stablecoin balances.