Kalshi's KYC/AML and the evolving landscape for event contracts

Been thinking a bit about Kalshi's positioning, especially with their focus on being a regulated exchange for event contracts. It's great to see a platform embracing a robust regulatory framework, particularly around KYC/AML. For those of us who've been around the block, the wild west days of crypto showed exactly why this is so critical. Kalshi's commitment to the CFTC framework provides a level of legitimacy that's essential for broader institutional and even more mainstream retail adoption.

My question for the room is this: how do you see the ongoing evolution of global regulatory change impacting platforms like Kalshi? Specifically, with more jurisdictions tightening their grip on what constitutes a 'security' or a 'financial instrument', and the increasing focus on AML red flags across all transaction types, what are the primary challenges or opportunities you foresee for them? Is there a point where the complexity of compliance across different jurisdictions could hinder the very innovation they're trying to foster, or does their current regulated status provide a significant moat against future headaches that others might face?