ME News reports that on May 30 (UTC+8), Kyle Samani, former co-founder of Multicoin Capital, posted an analysis on X outlining three possible scenarios for the development of Kalshi and the U.S. crypto perpetuals market: 1. Kalshi’s prior efforts are irrelevant: because the U.S. market already offers unregulated perpetual contracts. 2. The protocol must pass the eight decentralization tests of the CLARITY Act: if the CLARITY Act passes successfully, the protocol could offer perpetual contracts in the U.S. without registering as a DCO (Designated Contract Organizer) or DCM (Designated Contract Market). 3. The product may still attract users but remain unable to legally enter the U.S. financial system: even with user adoption, the protocol might still be unable to distribute within a compliant framework. The analysis suggests that these potential outcomes highlight the complex relationship between current U.S. derivatives regulation and decentralized protocols, as well as the uncertainty surrounding the lawful deployment of innovative financial products. (Source: ODAILY)
Kyle Samani Analyzes Three Potential Outcomes for Kalshi and U.S. Crypto Perpetual Contracts
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Summary
On-chain news from May 30 shows Kyle Samani, former co-founder of Multicoin Capital, outlining three potential paths for Kalshi and U.S. crypto perpetual contracts. He noted that U.S. markets already host unregulated perpetuals, protocols may need to pass CLARITY Act tests to avoid registration, and products could gain traction while remaining outside U.S. financial systems. The crypto market update highlights regulatory challenges for decentralized derivatives.
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