Abstract: Standardizing security mechanisms is a challenging and risky endeavor. When the mechanisms are as complex and multi-faceted as threshold cryptosystems, both the challenge and the risk amplify significantly. Still, the increasing dependence of society on the security of complex cryptographic constructs makes such an endeavor essential.I will attempt to highlight the potential gains and pitfalls in the current standardization effort, and propose some guidelines that will hopefully maximize the gain to society and the IT industry, while minimizing the risks. The focus will be on: (a) creating a common language and consensus; (b) the clarity, understandability, and compositionality of the requirements made and guarantees provided; (c) on the need in rigorous security analysis that asserts all that needs to be asserted.