Ann: Notice of General Meeting/Proxy Form, page-16

That is a fair assessment and I may have over-emphasized Tony's capacity to influence. My main point is that from day one Tony has said that he would be working with regulators to ensure he built an exchange that was compliant. This is something he was very clear on during initial investors calls.
If he is sticking to that mandate, then his hands are tied until there is a clear crypo path set by regulators.

I'm not trying to make excuses for FFG and KX. If regulation compliance is the strategy (public info suggests this is the case) then they cannot progress until there is a concrete set of rules within which they can operate.