Yes, this is a missed opportunity for crypto. Unfortunately, securities and exchanges for securities are so heavily regulated, that it is very hard to try something like this with a “fail fast” approach and we will probably have to wait for quite a while until we see such markets happen, if at all.

To me as a computer scientist, it is astonishing that even something as simple as a web service that matches willing buyers and sellers of securities requires a license that costs millions of dollars to obtain.