Circle reentering the crypto markets definitely adds legitimacy to the industry. The news bodes well for the markets in general, but it's especially good for tokens. Here's a slide from a Circle presentation that was leaked this morning. Check out the second section in particular:


Basically, Circle told the SEC that they would turn Poloniex into a fully registered/licensed broker-dealer. In return, the SEC said they wouldn't pursue enforcement actions for any past behavior. Pretty sweet deal.

Regarding price, it's bullish. Maybe not today, maybe not tomorrow. After all, news tends to catalyze price action based on market sentiment. Good news in a bear market doesn't make much of a difference. Short term, the news may have helped foment that short squeeze that happened overnight. Long term, I was concerned about regulatory actions towards Poloniex (and others), so I'm glad we can drop that worry.