[Video｜Mizuho Securities Analyst: 'The CLARITY Act' Will Not Pass This Week, Nor This Year] On August 4, Mizuho Securities analyst Dan Dolev stated in an interview with Bloomberg that he would continue to maintain a downgrade rating on Circle. He believes that the only current upside logic for Circle is the revenue growth driven by rising interest rates. However, from a fundamental perspective, multiple factors are deteriorating: the likelihood of the 'CLARITY Act' passing this year is slim, Bitcoin's market performance remains weak, and the OpenUSD alliance, composed of over 140 banks and financial institutions, may pose competitive pressure on USDC. Dolev noted that he is not bearish on the stablecoin sector, as stablecoins indeed have real-world application value. The issue, however, lies in the sustainability of Circle's business model over the long term.