Kyle Samani, former co-founder of Multicoin Capital, has outlined three potential development paths for Kalshi and the US crypto perpetual contract market. In a recent article, Samani highlighted that existing unregulated perpetual contract channels in the US are already mature, which may limit the impact of Kalshi's previous initiatives. Samani also discussed the potential implications of the CLARITY Act, which, if passed, would allow protocols that meet eight decentralized tests to operate without needing to register relevant licenses. Despite the appeal of related products, they have faced challenges in gaining compliant access to the US financial system. This analysis underscores the ongoing contradictions between US derivatives regulations and decentralized protocols, leaving the compliance and implementation of innovative products uncertain.