Crypto exchanges are evolving at transformative speed. This is being driven by three big structural shifts happening at the same time. First is onshoring and regulatory clarity across major markets. Second is the emergence of tokenized versions of traditional financial assets. Third is the agentic layer most exchanges will need to build, where AI systems analyze markets and help execute trades. When this settles, the platforms we call “crypto exchanges” today may not even be classified as exchanges. They will look more like smart fintech companies that combine crypto markets, tokenized TradFi, and onchain infrastructure in one platform for both retail and institutions. By 2030, I expect most meaningful markets to be regulated and onshore. Fully unregulated venues will either disappear or represent a much smaller portion of global trading than they do today.(Haider)