# kaal:claim:3402701-012

**Claim.** Because no fixed rule set can resist a patient adversary, any stable coin scheme requires a nimble and responsive governance process whose rules can always be adjusted to changing market conditions.

**Type.** design  **Support.** argued

**Holds when.**

- stable coin schemes operating over time in changing markets

**Source quote.**

> This means a nimble and responsive governance process is required for any such stable coin scheme, because the rules must always be ready to be adjusted to respond to the changing conditions of the market

**From.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, *Stable Cryptocurrencies - First Order Principles* (2019), 3.1.1 Minting, page 17

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701

**Verify.** sha256 of source PDF `72ed2581b4cac2bd18a5b2640be959487a3cbc34c86ab5e5664924bcdb53c8e0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20et%20al.%20-%202019%20-%20Stable%20Cryptocurrencies%20-%20First%20Order%20Principles.pdf

**Topics.** governance-design

**Keywords.** governance, adaptive-rules, folk-theorems, stability-mechanisms

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