Bernstein analysts say the crypto industry is moving towards more integrated "one-stop-shop" multi-asset investment platforms as the exchange and broker/dealer models begin to converge. "Crypto exchanges and broker/dealers are making strong M & A moves as regulatory environments ease", as traditional brokers seek to offer crypto tokens, while crypto exchanges plan to integrate traditional equities and derivatives. At the same time, the U.S. crypto options market is still in its early stages and is largely confined to bitcoin futures options on the Chicago Mercantile Exchange. However, as the U.S. SEC and CFTC increase their support for crypto, analysts expect the domestic spot and derivative crypto market to expand. They note that this could lead to crypto platforms offering traditional assets and vice versa, thus enabling broker platforms to offer a wider range of assets.