Neutrality Paradox: How USDC's Biggest Advantage Turns into a $285 Million Dilemma


【Plain Language Summary】This report provides an in-depth analysis of the legal and governance challenges behind the $285 million hack of the "Drift Protocol."
The core issue revolves around the "Neutrality Paradox" of the USDC issuer community: Although technically capable of freezing assets, without legal "safe harbor" authorization, the issuer faces a crisis of control—either taking proactive measures or risking a vacuum of multilateral, non-interventionist failure.
The human vulnerabilities in DeFi multi-signature governance are the focus of this article: Without a clear constitutional definition of the discretion over stablecoins, their role as "neutral infrastructure" will remain mired in a credibility and regulatory governance quagmire.
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