Based on the events of the past couple of days, let's talk about what entry requirements are needed to operate a "stock + crypto contract exchange" in the United States: 1. Broker dealer license 2. Money Transmitter License 3. The coolest license, New York State BitLicense 4. Futures Commission Merchant (FCM) license 5. National MSB registration If you don't meet these basic conditions, it's best not to play in the U.S.!