In December 2018, the first regulated security token trading platform in the U.S. began trading security tokens. In this show, I'm joined by Juan Hernandez of Open Finance Network and Patrick Daugherty of Foley & Lardner LLP, their counsel, to discuss the challenges and hurdles in achieving this milestone, and where we go from here. We cover the differences between ATSes and exchanges, why crypto exchanges are different from security token exchanges, working with regulators, and hopes of what the security token industry will look like in the future.