The Trahan-Obernolte discussion draft text has dropped. I'm going to publish a longer and more carefully considered piece on this in the near future, but quick takes for twitter: I think the substance of the catastrophic risk provisions (IVO-style auditing and SB 53-style transparency, both with fairly robust rulemaking authority; incident reporting; whistleblower protections) is quite good, for the most part. Not absolutely perfect, but better than any other federal cat-risk bill that's been introduced so far. Unfortunately, I also think that the preemption (all state laws regulating development) is far too broad, and that this makes the bill as drafted a bad deal overall. Currently, you're preempting (for example) a broad range of state child safety laws, in exchange for a federal framework that (from what I've seen so far; I have not yet read all 270 pages) doesn't include substantial federal child safety protections. And it's not just child safety, it's every possible current or future state law that regulates development. If you narrowed the preemption to avoid that kind of asymmetry between the policies you're implementing federally and the policies you're eliminating at the state level, I think I would strongly support a bill like this. It doesn't have to be completely 1:1, necessarily; something like @deanwball's proposal, which preempted five specific categories of state law in exchange for federal transparency, might be good enough (depending on the details). Tl;dr. -- the draft is quite good on substance, but quite bad on preemption, and therefore (IMO) a bad deal overall. My hope is that it's a step in the right direction, and that as discussion continues the preemption section can evolve into something that makes more sense in terms of both politics and policy.

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Beyond policy, I feel like the two meta-problems that have slowed our industry down the most: - Solidity. Shipping truly safe code on EVM is brutally slow. - Talent attractiveness. Deep technical talent doesn't want to work in crypto. They don't see the impact they could create, they only see speculation. We've failed to make the substance of the work legible to people who could move the frontier.

NOW LIVE: MARKET STRUCTURE MARKUP RECAP This week, the DEF team pulled together a 'Special Edition' of our weekly newsletter, DeFi Debrief. The Senate Banking Committee advanced Clarity Act, and we dig into the substance of the text, highlights, and what's to come. 👇

Elon Musk has lost a lawsuit against OpenAI, which he co-founded with Sam Altman in 2015 A jury rejected the entrepreneur’s claims that the maker of ChatGPT betrayed its original mission — to benefit humanity — by turning into a profit-driven commercial company. Jurors in a federal court in Oakland concluded that Musk had sufficient knowledge of his grievances several years earlier and should have filed the lawsuit much sooner than in 2024. As a result, the jury did not even examine the substance of his allegations. Musk intends to appeal the decision.

It’s been more than a week since Mama swan, aka Paulette, came to us from Prospect Park with her primary feathers covered in a black sticky substance, maybe tar or oil. When a bird gets covered in something like this, not only does the substance prevent them from being able to swim, and interfere with their ability to stay warm, but it sickens them as they ingest the toxic substance during preening. Mama was quite stressed when she arrived, but she settled in with lots of fluids and supportive care. She’s now had two bath treatments (mayo, followed by dawn), and is looking better, but has lost a lot of waterproofing and is understandably reluctant to swim. A little more time will be needed before this big girl is ready to return home to her mate. 📷: Rachel Frank