“The Financial Industry Regulatory Authority (FINRA), Wall Street’s self-regulatory organization (SRO), has sat for months on some 40 applications from companies that touch cryptocurrencies, numerous people who deal with the agency told CoinDesk.
Some startups have been waiting at least a year, with a few standing by for as many as 14 months, without seeing any movement from FINRA, three of the sources said.
Several industry members believe the regulators have set an unofficial moratorium on these approvals. Among this group, some think that FINRA is waiting for clear guidance from the Securities and Exchange Commission (SEC) on how cryptocurrencies are to be treated under securities laws. Others are firmly convinced the SEC has explicitly told FINRA to hold off."