Former Multicoin Capital founder Kalshi and the US crypto perpetual contract market may have three possible development paths.

On May 30th, CoinFeed reported that Kyle Samani, former co-founder of Multicoin Capital, published an article on the X platform analyzing three possible future development scenarios for Kalshi and the US crypto perpetual contract market. First, existing unregulated perpetual contract channels in the US are mature, limiting the impact of Kalshi's past efforts. Second, if the CLARITY Act is implemented, protocols that pass eight decentralized tests can operate without registration of relevant licenses. Third, while related products have user appeal, they have consistently struggled to compliantly enter the US financial system. This analysis also reflects the numerous contradictions between US derivatives regulations and decentralized protocols, making the compliant implementation of innovative products still highly uncertain.