I get the impression that exchanges would be the high validators for Ethereum. By means of weasel phrases of their phrases of service they might probably stake their customers ETH.
These validators might then be coerced by way of lawsuits or different means to behave in a way that goes in opposition to the Ethos of a censorship resistant cryptocurrency.
https://www.tronweekly.com/ethereum-merge-talk-of-the-town/
What are the potential ramifications of transferring over to proof of stake? Censorship resistance must be an vital attribute. Decentralization must be an vital attribute. Will Ethereum sacrifice this for “Quantity go up”?