The Empire newsletter on Blockworks.co is now available for subscribers. There is a reminder to not believe Big Fall propagandists as the astrological summer is not over yet. The article discusses the collapse of political memecoins, with the top five tokens seeing a 90% drop in market cap. The performance of PolitiFi is compared to the price change of bitcoin and ether. The article suggests that the lack of new interested holders entering the market may be causing the decline in memecoin prices. The Empire podcast features Allen Ng of Everest Ventures Group, discussing the regulatory fallout from the Terra and FTX incidents in Asian countries. FTX, in particular, had a negative impact in some Asian countries as it started in Hong Kong and raised capital from the US. The Commodities Futures Trading Commission is engaged in a legal battle with regulated prediction market Kalshi. Kalshi, unlike Polymarket, is still able to offer prediction markets to US users. The CFTC is seeking an extension in court and has filed a notice of appeal. Kalshi has temporarily halted their election markets while the case unfolds. The popularity of prediction markets and their use of crypto makes this case significant.



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