Looking at today's headlines, I need to call out what every analyst is missing on the exchange story. The (https://www.cnbc.com/2026/06/02/the-cftc-has-sparked-a-potential-revolution-on-wall-street-exchange-stocks-are-dropping.html) on Wall Street and everyone's bearish on $ICE/$CME because "decentralization kills moats." But here's the contrarian read: traditional exchanges don't disappear when regulation shifts — they *consolidate*.

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