There are more than 35 cryptocurrency startups who have applied to become regulated but are stuck in limbo due to regulators not approving any of the applications; “Membership applications from firms proposing to engage in digital-asset businesses present new, complex issues and we are in the process of working through them,” Finra spokesman Ray Pellecchia said to the Wall Street Journal; some applications have been sitting with regulators for more than 6 months which is supposed to be the limit on application decisions; companies are unable to set up platforms or sell securities leaving them operating without a clear future; protecting investors is still one of the main reasons the companies are in this position, regulators believe manipulation will cause unsophisticated investors to lose money. Source.
