So the ETH merge happened, and now apparently the process is that… existing holders of large amounts of this currency can now have transactions quickly arranged by a small number of managing systems.

This structure is… familiar, somehow.

They really are speedrunning the history of fintech regulation.
@msh it’s been clear to everyone but the most relentlessly obtuse that “runs on lots of computers” isn’t the same as “decentralized” at all.