Clearly there is some group of people with the power and influence to make this decision. How does that group compare to, say, US central bankers, in terms of transparency and democratic accountability?

Edit: To be clear, I’m not talking about banking operations, I’m talking about decision making by central bank leadership. One of the purported benefits of crypto is independence from the shadowy cabals that run the US dollar.

Except the Treasury isn’t actually all that shadowy - the staff have names, and are appointed through an ultimately democratic process. Whereas I really have no idea who is pulling the strings behind crypto and who they are accountable to. The original vision was for decentralized finance where nobody could pull the strings, but the level of coordination on display here in the PoW-to-PoS switch makes it obvious that strings exist and they are capable of being pulled.