# DEX in the City: How Kalshi’s Rough Week Became a Federal Fight for Prediction Markets

Page: https://stenobird.com/podcast/unchained-5662698/dex-in-the-city-how-kalshi-s-rough-week-became-a-federal-fight-for-prediction-markets
Text version: https://stenobird.com/podcast/unchained-5662698/dex-in-the-city-how-kalshi-s-rough-week-became-a-federal-fight-for-prediction-markets.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-5662698)
Published: 2026-07-23T04:10:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML8649373830.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML8649373830.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-5662698/episodes/dex-in-the-city-how-kalshi-s-rough-week-became-a-federal-fight-for-prediction-markets
Duration seconds: 2978

## Resource

The CFTC pulled a power last used in the Carter era to rescue Kalshi. Katherine, Jessi, and Vy Le on what it means — plus Japan’s crypto tax cut and DTCC’s tokenization leap. ======================================================== Thank you to our sponsor! ⁠⁠⁠Cape⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). ======================================================== Kalshi had a rough week. Sued by Michigan, hit with a restraining order, then rescued by a CFTC emergency power invoked only four times in the agency’s history, most recently during Jimmy Carter’s Cold War grain embargo. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le untangle how a fight over sports event contracts became a battle over federal preemption, why Kalshi also pulled its flight cancellation contracts under public pressure, and the insider-trading allegation swirling around a Trump teleprompter operator. They also cover Japan’s new financial instruments law, which cuts crypto’s tax rate from as high as 55% to a flat 20% and is already pulling Amazon Japan’s delivery drivers onto yen stablecoins. Then there’s DTCC’s live settlement of tokenized securities with JPMorgan, Goldman, and BlackRock, which Vy Le argues could end the era of synthetic wrapper tokens. And the Clarity Act, still stuck on ethics and yield disputes as the midterms eat into Congress’s calendar. The episode closes on a rare bright note: pseudonymous investigator ZachXBT turning impersonation memecoins into charity donations for Venezuela’s earthquake victims. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠…

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