The Commodity Futures Trading Commission (CFTC) has invoked an emergency power, used only four times in its history, to assist Kalshi, a prediction market platform, in a legal dispute in Michigan. This rare intervention, previously seen during events like Jimmy Carter's grain embargo, highlights the significance of the case involving sports contracts and federalism issues. Kalshi faced a challenging week as a Michigan lawsuit escalated into a broader federalism debate. The platform also withdrew its flight cancellation contracts following public backlash. Meanwhile, Japan has introduced a new law reducing crypto taxes to a flat 20%, and the DTCC has successfully conducted live settlements of tokenized securities with major financial institutions like JPMorgan, Goldman Sachs, and BlackRock.