The legitimate institutional right to set rules, certify decisions, and represent an ecosystem to regulators and trading partners. Governing authority is what a Governing Body exercises — it is recognized by members through governance mechanisms (elections, mandates, contributions) rather than through market position. An ecosystem may have multiple Governing Bodies for different domains; each holds governing authority within its scope. Trust authority is the institutional standing that accumulates when governing authority has been exercised consistently and recognized over time — by members, regulators, and trading partners alike.