{"podcast":{"title":"CoinDesk Podcast Network","slug":"coindesk-podcast-network-334494","podcast_index_feed_id":334494,"rss_url":"https://feeds.megaphone.fm/CDI1034178673","website_url":null,"image_url":"https://megaphone.imgix.net/podcasts/63f4a94e-7df4-11f0-a633-c7dfdaf1537a/image/93ccd5d37f6570964c66e35c818687a5.jpeg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress","author":"CoinDesk","episode_count":4056,"summary":"The top stories and best shows in the blockchain world, delivered daily from the team at CoinDesk.","last_synced_at":"2026-06-14T14:19:42.544161+00:00","page_url":"https://stenobird.com/podcast/coindesk-podcast-network-334494"},"episode":{"title":"Are Crypto Perpetuals Futures or Swaps? Kalshi vs. John Lothian","slug":"are-crypto-perpetuals-futures-or-swaps-kalshi-vs-john-lothian","published_at":"2026-06-12T14:59:00+00:00","page_url":"https://stenobird.com/podcast/coindesk-podcast-network-334494/are-crypto-perpetuals-futures-or-swaps-kalshi-vs-john-lothian","show_page_url":"https://stenobird.com/podcast/coindesk-podcast-network-334494","url":"https://traffic.megaphone.fm/CDI8951740201.mp3","audio_url":"https://traffic.megaphone.fm/CDI8951740201.mp3","summary":"CoinDesk's The Policy Protocol hosts Rebecca Rettig and Renato Mariotti unpack the CFTC's 267-page proposed rule-making around prediction markets and event contracts, plus the letter from crypto CEOs backing the BRCA. And, a debate between John Lothian and Udesh Jha, Head of Exchange Analytics at Kalshi, over whether crypto perpetuals are properly classified as futures or swaps. - Read more from Ari Redbord about the mixer indictment under 1956: https://www.linkedin.com/posts/ari-redbord_in-the-midst-of-debate-around-clarity-activity-7470924721635794944-8yUy?utm_source=share&utm_medium=member_ios&rcm=ACoAADHl20UBUd56sB8eTJ0w5gv3WIBQo2eJ6f0 - Timecodes: 00:00 Welcome to The Policy Protocol 01:10 CFTC's 267-Page Prediction Markets Rule 03:10 60+ CEOs Back the BRCA 05:30 The Perpetuals Debate 07:43 John Lothian's Case: Do Perpetuals Look Like Swaps? 09:45 Kalshi's Udesh Jha on Funding Rates and Cost of Carry 12:43 Would Swap Status Shut Out Retail? 16:45 Is Kalshi Making the Rules Up? 19:25 John's Closing: Market Manipulation Concerns 20:46 Udesh's Closing: 'Regulation First' 23:29 Person of the Week: State Regulators 23:38 Illinois' Digital Asset Trading Tax 24:20 NY DFS Aligns With Genius","meta_description":"CoinDesk's The Policy Protocol hosts Rebecca Rettig and Renato Mariotti unpack the CFTC's 267-page proposed rule-making around prediction markets and even…","key_points":[],"chapters":[],"topics":[],"duration_seconds":1559,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/coindesk-podcast-network-334494/episodes/are-crypto-perpetuals-futures-or-swaps-kalshi-vs-john-lothian/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/coindesk-podcast-network-334494/are-crypto-perpetuals-futures-or-swaps-kalshi-vs-john-lothian.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}