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CASE-14 · 18 min

Where decision-making power sits

Type of case study: Documented incident. Every figure is quoted from a named source and cited in the evidence register below. How far each source was checked is stated on the record itself.

Scenario

This case works from a real publication rather than a constructed scenario: the article by Aramonte, Huang and Schrimpf in the BIS Quarterly Review of December 2021 (EVD-2026-0012). Its central argument is uncomfortable and useful at once: that centralized governance structures in DeFi are inescapable. The task is to turn that into a review instruction — and to determine which of the transmission channels it names you could observe at all from this platform's data.

Data

Central argument
centralized governance structures are inescapable
Systemic risk 1
high leverage drives procyclicality in prices and volumes
Systemic risk 2
runs on stablecoins can sever links in the interconnected ecosystem
Channel to the outside
fire sales could spill over into the established financial system
What that channel depends on
the securities that stablecoins hold
Named entry point for supervision
the governance protocols and those exercising ownership and managerial privileges
Provenance of every figure
EVD-2026-0012, verification: details checked

Questions

If centralized governance is inescapable, what does a metric scoring a protocol as “decentralized” or “not decentralized” measure — and which question replaces it?

The article names a channel from the ecosystem into the established financial system that hangs on the securities stablecoins hold. Which figure would you have to track for it — and does this platform serve it?

Analysis dimensions exercised

Sources

Institutional perspectives

Bank · Insurance · Asset management

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