On successive days this spring, crypto-asset platforms Gemini Space Station and Payward proclaimed themselves “full stack” derivatives firms, having obtained the requisite array of Commodity Futures Trading Commission licenses. Gemini’s climactic regulated-market designation, as a Derivatives Clearing Organization (DCO), was announced April 30. A day later, Payward, the parent of Kraken, filled out its stack by acquiring CFTC-licensed Bitnomial.