I just posted a question about Gemini on another thread. I guess we were both wondering the same thing and composing at the same time.
I think it's just an American system. Everything has to be covered by the law, all the licences need to be obtained. That's why it takes as long as it takes. Look at the BitLicense mess and what every single exchange needs to fulfill just to be able to operate in the US.
It's a bureaucracy and all of the interests that need to be fulfilled.