imo GENIUS is bigger than clarity for ETH. GENIUS is just 1 year old. The whole world is starting to come onchain now. We are hitting the ramp of the S curve. Eth needs to win this near term growth. We are winning. Yet it's still early. If too much of the world's accumulated state and integrations were to end up elsewhere, then eth's impact and value would be severely limited, regardless of how beautiful or optimal the protocol is. The goal of issuance reduction shouldn't be inflation reduction. The inflation rate is already <1%. Fiddling with small supply numbers is a low leverage way to make ETH win. Our huge opportunity for ETH is on the demand side. Issuance reduction comes at an extremely high political cost that isn't remotely offset by the benefit of gross inflation reduction. I may support an issuance reduction change to help reduce the staking ratio, as that maximizes vanilla ETH for use in the app layer. This is a much more important and worthy of goal than inflation reduction. But it needs to protect home stakers with a reasonable minimum yield, and it needs to meaningfully reduce the expected steady state staking ratio... I'd guess we're currently headed to ~66%. This eip draft is way too contentious imo. Its target staking ratio of 50% isn't that much lower than the 66% that I think we're headed towards today. If the eip authors are committed to 0% yield, then it's DOA and better to drop it quickly and focus energy on our many growth programs.