Similarly to what was said about HTML many years ago, this is where the standards rabbit hole goes:
Living — Standards will be continuously updated to fix bugs and add/remove/refine experimental features.
Public domain — Standards are a public good and should not be held hostage by any organization. Organizations prove themselves on merit, not standards portfolio.
Public development — Everyone has access to the standard and its repository. Everyone can participate in improving it.
Asynchronous decisions — Decisions are made via an asynchronous medium, such as email, allowing ample opportunity for people all over the world to contribute.
Implementor involvement — Without implementors, it is not going anywhere.