Kyle Samani: There is uncertainty regarding the implementation of Kalshi and US crypto perpetual contracts, with three potential outcomes

Jinse Finance reported that Kyle Samani, former co-founder of Multicoin Capital, posted an analysis on the X platform regarding the development of Kalshi and the US crypto perpetual contract market, outlining three possible scenarios:1. Kalshi's previous efforts become irrelevant: Because the US market itself can already offer unregulated perpetual contracts.2. Protocols must meet the eight decentralization tests of the CLARITY Act: If the CLARITY Act passes smoothly, protocols can offer perpetual contracts in the US without registering as a DCO (Designated Contract Organizer) and DCM (Designated Contract Market).3. Products can still attract users but cannot legally enter the US financial system: Even if users accept them, protocols may still be unable to distribute within a compliant framework.The analysis suggests that these potential outcomes highlight the complex relationship between current US derivatives regulation and decentralized protocols, as well as the uncertainty surrounding the legal and compliant launch of innovative financial products.