I don't think for a moment that the centralization or decentralization of exchanges themselves has anything to do with the problem. I don't see any reason why

I don't think for a moment that the centralization or decentralization of exchanges themselves has anything to do with the problem. I don't see any reason why the current exchanges pose in any way some kind of problem to the creation of smaller, more healthy, competitive and robust firms. Yes, there are regulations, and each exchange has a bunch of rules, but that's generally for the benefit of everyone involved. Any kind of decentralized system would have to have rules. The exchanges do make money, but it's trivial relative to the underlying financial transactions. I suggest 'the problem' has more to do with globalization and the consolidation of mature industries, and the availability of large, private funds. Both activities have advantage and disadvantages.