diff --git a/.pending/bugfixes/_4868-Context-CacheC b/.pending/bugfixes/_4868-Context-CacheC
new file mode 100644
index 0000000000..84b0f63407
--- /dev/null
+++ b/.pending/bugfixes/_4868-Context-CacheC
@@ -0,0 +1,2 @@
+#4868 Context#CacheContext now sets a new EventManager. This prevents unwanted events
+from being emitted.
diff --git a/types/context.go b/types/context.go
index ef2a2e7530..9fe8f2b674 100644
--- a/types/context.go
+++ b/types/context.go
@@ -205,10 +205,11 @@ func (c Context) TransientStore(key StoreKey) KVStore {
 	return gaskv.NewStore(c.MultiStore().GetKVStore(key), c.GasMeter(), stypes.TransientGasConfig())
 }
 
-// Cache the multistore and return a new cached context. The cached context is
-// written to the context when writeCache is called.
+// CacheContext returns a new Context with the multi-store cached and a new
+// EventManager. The cached context is written to the context when writeCache
+// is called.
 func (c Context) CacheContext() (cc Context, writeCache func()) {
 	cms := c.MultiStore().CacheMultiStore()
-	cc = c.WithMultiStore(cms)
+	cc = c.WithMultiStore(cms).WithEventManager(NewEventManager())
 	return cc, cms.Write
 }