Circle (NYSE: CRCL) stock rose 12% on September 3, trading at $99, as the company's president made a case to Congress for legislative action on stablecoins and digital finance regulation.
Heath Tarbert, Circle's president, testified before the US House Financial Services Committee in support of the CLARITY Act, describing it alongside the GENIUS Act as dollar statecraft in its most practical form. Tarbert argued that passage of these bills on a bipartisan basis would ensure the next generation of digital finance develops around the US dollar rather than alternative currencies or systems.
The testimony came as the US Treasury announced it was seeking public comments on stablecoin issuance before implementing GENIUS Act rules. According to prediction market data cited in the source, there is an 18% probability that Congress will pass the CLARITY Act in 2026, with a Senate vote scheduled for September 15.
Circle's stock gains also reflected broader market movements. Federal Reserve Governor Christopher Waller signaled the central bank should maintain interest rates steady between 3.50% and 3.75% if August inflation data shows consumer prices declining. Prediction market data showed 58% of investors expected no rate change at the September 16-17 FOMC meeting.
Additional support for the stock came from reports of easing geopolitical tensions. The price movement pushed CRCL above the $95 resistance level for the first time since early June, marking a three-month high.
