Around March 25, CRCL experienced its largest single-day decline since listing, triggered by the U.S. Congress's "Clarity Act" draft proposal—one clause of which proposes to prohibit platforms from offering any form of yield to stablecoin holders. The market interpreted this as a direct threat to Circle's business model. However, the next day, CRCL rebounded about 7%, indicating that the market is cautious about the final implementation of this clause.