Delphi’s Pagoulatos Calls Papertrade Rule Change ‘Bait and Switch’

The dispute is less about the mechanics of the rule change than about trust: a project that alters terms after capital has committed invites scrutiny of how future changes will be handled. Pagoulatos concedes the attack-risk diagnosis while objecting to the timing, which frames this as a governance and credibility question rather than a technical one. For PAPER holders, the precedent matters more than the specific revision. Whether the project offers a clearer process for future rule changes, and whether holders accept the rationale, is the open question.