🏦 Are banks trying to kill GENIUS?

Banks are trying to slow down the GENIUS Act — again. Plus: Kalshi caught a politician who appeared on FBoy Island betting on their own race, and the Kelp exploit proves crypto bridges are still one big unsolved problem. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wednesday, April 22, 2026 Banks seek to slow down implementation of crypto's GENIUS Act on stablecoin oversight The same banking coalition that spent months stalling the CLARITY Act over stablecoin yield is back — this time asking the Treasury Department to extend comment periods on three GENIUS Act rulemakings. Their argument: the OCC's framework for policing stablecoin issuers isn't finished yet, so OFAC, FinCEN, and FDIC rules that depend on it shouldn't move forward in parallel. The crypto industry, which fought hard for GENIUS Act passage last year, now faces a slow-roll on the implementation it was counting on. Read the full story → Sponsor message Policy Kalshi flags more insider trading cases, including a politician who appeared on FBoy Island Kalshi has suspended and fined three political candidates for "political insider trading" after an internal probe found they bet on their own races — the most aggressive enforcement actions the platform has taken against politicians to date. One of the suspended candidates appeared on the reality TV show FBoy Island. The fines range from $539 to $6,229, with five-year platform bans. The crackdown comes as lawmakers from both parties ramp up pressure on prediction markets and the CFTC prepares to take a harder line on enforcement. Read more → Tech The $292 million Kelp DAO exploit shows why crypto bridges are still one of the industry's weakest links Bridges keep getting hacked not because of one-off bugs, but because of a structural problem: they don't independently verify blockchain activity — they outsource it to validator networks, oracle feeds, and external infrastructure that attackers can manipulate. In the Kelp case, the bridge "worked as designed — it just believed the wrong information." Experts say as long as bridges rely on hidden trust assumptions and shared infrastructure, the attack surface will remain. The problem is the architecture, not the audits. Read more → Consensus Miami · May 5–7, 2026 Join CoinDesk at Consensus Miami, where agentic commerce, crypto at scale, and institutional integration are redefining the future of finance. Save 20% with the code HEADLINES Get your pass → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.