What was interesting about cryptocurrency was the idea of holding your own private keys and conducting transactions directly on the blockchain. In that scenario

What was interesting about cryptocurrency was the idea of holding your own private keys and conducting transactions directly on the blockchain. In that scenario, everyone is their own “exchange” (kinda) and the SEC might let it roll. Cryptocurrency exchanges really have almost nothing to do with actual cryptocurrency. They just use the terminology (and the hype) as levers to try and build an unregulated exchange. Centralized exchanges are regulated - so here comes that process.