Circle Internet Group could ironically be under pressure after the passing of key crypto legislation, according to Compass Point. Analyst Ed Engle lowered his rating on the USDC stablecoin manager to sell from neutral and cut his price target on the stock $130 from $205. The new forecast implies downside of 40% from Monday’s close. President Donald Trump on Friday signed into law the GENIUS Act, a piece of legislation dedicated to regulating stablecoins. But while this legislation is a positive for the crypto industry, Engle believes it will Circle will be under pressure in the short term. “While we expected CRCL to rally into stablecoin legislation, crypto investors typically ‘sell the news’ after highly anticipated events. As such, we…
