Elizabeth Warren Tried to ‘Destroy’ the GENIUS Act: Sen. Hagerty

Summary

CoinDesk's Policy Protocol looks at major crypto policy moves: a legal standoff between Kalshi, Michigan and the CFTC; a new US-UK joint push on stablecoins and tokenized assets; and Senator Bill Hagerty's reflections on the GENIUS Act's one-year anniversary and the tougher road ahead for the CLARITY Act.

• Ryan VanGrack explains how Michigan's order to unwind Kalshi trades has put the firm between a state court and the CFTC, highlighting jurisdictional chaos that could ultimately strengthen prediction markets.
• Rebecca Rettig outlines US-UK transatlantic task force recommendations for cross-border testing of tokenized assets, common stablecoin approaches, and joint regulatory frameworks.
• Senator Bill Hagerty recounts the late-night amendment battle with Senator Warren during the GENIUS Act markup, and the bipartisan final vote that gave the bill momentum.
• Hagerty notes that Treasury is now traveling globally to help foreign jurisdictions adopt Genius-compliant stablecoin rules, with the dollar retaining its reserve status.
• On the CLARITY Act, Hagerty sees a tougher political environment due to the midterm calendar, but insists the bill will eventually pass because it must, and points to his 29 alumni now in key regulatory roles.
• Hero of the week is Harry Jung, deputy to Patrick Whitt, who will step up as a key White House point person on crypto policy during Whitt's military leave.
• Zero of the week is Sam Bankman-Fried after the Senate unanimously passed a resolution opposing any pardon or commutation for the former FTX founder.