We derive a new framework for analyzing Ethereum Issuance, based on Ethereum's core values: security and neutrality. Upon discussing various attacks on Ethereum, we study future growth projections and the importance of diverse validator set, and conclude that Ethereum's defendability is the key factor for issuance policy evaluation. Via MVS, we show how the current issuance reduction proposal is dangerous, based on the future staked ETH concentration with CEXs & impact on solo stakers.