I think it will be proposed in and voted on by the Council.
If you recall, originally minimum validator bond was 14K XX, and that was inexplicably cut to 1K XX, also by the Council (as I recall; I can’t find that announcement on the forum, but here’s a similar one) (Edit: this one was a democracy proposal, but I think others were done by the Council).
As a generic reminder how it was supposed to be when the token was 5 times more expensive, see here - 10-50 K XX stake…