#加密货币监管进展 Kalshi's valuation soars to $11 billion, which is indeed surprising given the current regulatory environment. On one hand, multiple states have sued, classifying it as gambling; on the other hand, its trading volume has skyrocketed. This contradictory phenomenon reveals a structural issue in the rapid development of prediction markets in the gray area of US law. In the long run, prediction markets as a new risk management tool have their necessity and value. But how to strike a balance between regulation and innovation still requires joint exploration by regulatory agencies, platforms, and market participants. For now, Kalshi's development trajectory may point the way for the future of the entire industry. We should closely monitor regulatory developments and market responses in this field, believing that a reasonable regulatory framework will eventually take shape.