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.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.