[Kyle Samani: Uncertainty Surrounding Kalshi and U.S. Crypto Perpetual Contracts Could Lead to Three Potential Outcomes] According to a report by Jinse Finance, former Multicoin Capital co-founder Kyle Samani analyzed on the X platform the potential developments of Kalshi and the U.S. crypto perpetual contract market, outlining three possible scenarios: 1. Kalshi's previous efforts become irrelevant: This is because the U.S. market itself already offers non-regulated perpetual contracts. 2. Protocols must meet the eight decentralization tests under the CLARITY Act: If the CLARITY Act is successfully passed, protocols could offer perpetual contracts in the U.S. without registering as a DCO (Designated Contract Organizer) or DCM (Designated Contract Market). 3. Products can still attract users but cannot legally integrate into the U.S. financial system: Even if users accept the protocols, they may still be unable to distribute within a compliant framework. The analysis highlights the complex relationship between current U.S. derivatives regulation and decentralized protocols, as well as the uncertainty surrounding the legal and compliant implementation of innovative financial products.