Franklin Templeton just poured another $150 million into the XRP Ledger, bringing the total value of sgBENJI shares to nearly $200 million. Sounds impressive? Look closer and it’s alarming: all the tokens are sitting in a single wallet, and all eight signer addresses belong to the company. It can freeze balances or claw them back whenever it wants. Just traditional finance dressed up in blockchain clothing—what’s decentralized about that?