SITUATION EXPLAINED: Trump's AI regulator EO has stalled, and it isn't clear why. • The administration circulated a draft EO creating a self-regulatory organization for frontier AI companies, modeled on FINRA. Progress has stalled and it couldn't be learned why • Sacks calls it a horrible idea. FINRA is a sleepy regulator for a mature industry that founders see as protecting incumbent banks • He says the proposal isn't a true SRO at all, since it reports into government with the "self" part as a fig leaf • He calls it a repackaging of Dario's FDA for AI idea, predicts models pile up in an approval queue, and says China wins @theojaffee: "You don't want to over-regulate current models. But you also need to make sure that you can't just have some lab RSI race all the way to superintelligence very rapidly."