[spottybanana]

In practice exchanges end up holding most of the crypto, and they will decide how to use the crypto in PoS. With PoW it looks like miners/pools will quite rarely work as exchanges, so the powers tend to be separated. With PoS, it looks like exchanges will basically run Ethereum, and it look something like Blockstream Liquid, where group of exchanges basically mint the blocks.

[jyu]

To add onto this, is it so hard to imagine the US gov't asking coinbase, gemini, etc to stop payments from "terrorists" and block their transactions?

Where is censorship resistance when the on ramps and stakers become centralized?

[drdeca]

Er, in this scenario, are the exchanges acting as block proposers, or as validators, or both?