I think you are conflating your understanding of the definitions. Stock exchanges run exchanges to trade stocks. Crypto exchanges also run exchanges to trade

I think you are conflating your understanding of the definitions. Stock exchanges run exchanges to trade stocks. Crypto exchanges also run exchanges to trade cryptocurrencies. FTX is an exchange that trades cryptocurrencies. FTX went under and pulled all companies it invested in with it. However, the cryptocurrencies are still running. What FTX did was criminal and it's well documented and more of it is still being discovered. It's just odd that you would suggest an asset class results in "scammy centralized exchanges crumbling". It would be like saying: > "Stocks" encompasses both the technologies and the systems created and the external effects they generate on the world. When the result is a bunch of scammy centralized exchanges crumbling? That's what "real" stock is, regardless of any initial guiding light goals.