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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.

Hosts:

    • Katherine Kirkpatrick Bos – Host of DEX in the City, General Counsel. Previously held senior legal roles across DeFi and centralized exchanges
    • Jessi Brooks – Co-host of DEX in the City and General Counsel of Ribbit Capital
    • Vy Le – Co-host of DEX in the City and General Counsel of Veda