From the Bitcoin whitepaper: "A common solution is to introduce a trusted central authority ... The problem with this solution is that the fate of the entire money system depends on the company"

The vision of course did not include centralized authorities, it's counter to the entire purpose. We already have had digital banks, crypto is not about having digital convenience. It's not the "exchange" part that wasn't envisioned, it's the "centralized" part, because that is the same thing as a bank. That's what the SEC (rightly) made their case on with Coinbase and others. Bitconnect, FTX, Coinbase... that kind of thing was not envisioned originally and is counter to the whole concept and purpose of crypto.