From June 2019 to March 2020, IETF conducted a selection process to choose password authenticated key exchange (PAKE) protocols for standardization. Similar standardization efforts were conducted before by IEEE (P1362.2) and ISO/IEC (11770-4). An important hallmark for this IETF selection process is its openness: anyone can nominate any candidate; all reviews are public; all email discussions on the IETF mailing lists are archived and publicly readable. However, despite the openness, it is unclear whether this IETF selection process has presented a successful model. Several important questions that were raised during the selection process had remained unaddressed even after the two winners (CPace and OPAQUE) were announced. We\ud reflect on the IETF PAKE selection process as a case study, and\ud summarize lessons in a set of principles with the hope to improve\ud security standardization in the future.