Where we going? I dont see any significant diffenece between JPMorgan coin, any hypotetical governance coin and BNB. If we continue that way we can see how exchanes delist BITCOIN by reasons as "untrusted", non KYC or whatever. Dont they tend to devaluate it in order to get higher their own exchange-coins (aka BANK-COINS!), to CONTROL the market AND the CUSTOMERS as far as it can.
Just in case exchanges started to delist bitcoin because of mentioned above reasons to make their own coin become more popular and get higher price. I do believe the exchanges will get the opposite things, means their coins will be more useless because people will still believe in Bitcoin than other coins. Anyway, I dont think exchanges will delist bitcoin as it will be like a suicide for them.