Crypto Dad is leaving, the CFTC is still writing the rules, and applicants fall short: D.C. sources on what’s holding up the hottest licenses

It's not easy being a crypto exchange. Especially when it comes to getting regulatory licenses from some of the world's most stringent institutions.

Among them is Bakkt, which is currently seeking a trust license, and ErisX, which is bidding to secure two licenses: a Derivatives Clearing Organization (DCO) and a Designated Contract Market (DCM). Both firms are optimistic they'll have approval by year-end, but it won't be easy — and it's likely to take months to get any news about their progress.

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