Aaron Levie

And the risk is sort of the second or third order effects of that, which is like, does Zuck then want to release the next version of Llama if you're taking on that much risk? And even the incremental updates, the liability you have In terms of any of the model advancements. And so right now we're benefiting from just an incredibly competitive market between five or six players.

And you want them running as fast as possible, not having to have sort of this, you know, a whole council before every model gets released because they're, you know, in fear of getting sued by, you know, the government for hundreds of millions of dollars if one person does something wrong with the model. So that was the problem with SB 1047.

That's been the problem with some of the proposals on national legislation. I felt like the first CEO, it didn't have a lot of teeth in it. So it kind of was more like, let's watch this space and continue to study it. The actual current head of OSTP, Arti Prabhakar, a lot of folks in Silicon Valley know her. She's actually very strong, very technical.

understands the valley well, does not lean into overregulation. So I actually think OSTP has had a pretty good steward, even under Biden. But I think the efforts that Sachs would clearly be leading, I think would lean even more toward AI progress and sort of not accidentally overregulating too early in this journey.

No, no, just the, I mean, the credit card rails is, I mean, the tax on transactions is obviously insane. So the stable coin being the intermediary for that in the future makes total sense if you could get everybody to kind of coordinate against that. So, yeah.

Yeah, I mean, I'm sure we want to move on, but I guess, so there's a parallel universe where, so no matter what, like obviously Gensler did not get his arms around this whole thing. So that was a big mistake. But there's sort of like DeFi slash financial crypto where almost everything is deflationary. It improves the rails. If you believe in Bitcoin as this store of value,

and digital gold, all of those things can actually kind of make sense and be a bit rational and improve things. And then, unfortunately or not, depending on your views, there was this other sort of fractal event that happened, which was, oh, let's also use these things as a means of kind of creating a virtual currency and equities and tokens for anything, where that then runs into

basically the sec remit of like are these things securities or not and is there insider trading or not and can anybody issue them at any time and promote them on twitter or not and so so you know i think to some extent if you get back to like crypto 1.0 which was like this is a this is a financial infrastructure i think you would have avoided a lot of the the sort of noise and challenges with with crypto now i don't know you can't put the you can't put it back in the bag

But, but there's like, I don't think you could get 10 crypto people to agree on how you regulate that second category because some people, some people believe I should be able to issue an NFT on anything and I should be able to trade that.

And, and, and at the same time, they would obviously, they would sort of claim, well, that's just the same as a, as an aftermarket, you know, a seat to a concert. And yet another group would, would be treating this as, as effectively, you know, a security. And so I don't know how you're ever going to reel that in without some people being upset, you know, within the crypto community.

Sorry, did I already get rotated out based on? Well, yeah, basically.

Our roads were really bad back then, though.

two just quick thoughts. One, Patrick Carlson had a tweet yesterday that basically said this sort of this, this big misinformation kind of created by, by people that want to be slow is that you, you have to sort of choose two of fast, good and cheap.

And, and I think basically, you know, Elon's companies have sort of always effectively kind of proven the opposite, which is, which is actually, if you just like start to ask the question, like, why does that thing have to cost as much? You know, if you're building a rocket or designing a car or developing batteries, like why, you know, if you just do ground up, why does it have to cost as much?

And so so it's interesting is that that probably if most people looked at what the government was spending on, they wouldn't even feel like like, you know, it's not even helping them in the disaster relief sense of, you know, I think like that. There are probably actually people that actually do experience the benefits of disaster relief.

It's actually just all of the overhead that we've created to getting anything done in the government that could actually make the government better serve all of the constituents. I was talking to you know, sort of a nameless individual in the government the other week, where by Congress, they have to hire contractors to do work.

And the contractors, the contracting firms charge them two and a half times the sort of cost of an individual employee that they could otherwise hire. And so now they have to outsource the work and they don't have any accountability mechanism for that contractor. And so I think there's not a single American that could look at that and say, this is like actually working well.

Yeah, we are spending more money to do less. And the ultimate outcome is actually lower quality. And so so you have to at some point just kind of do a little bit of a reset moment. And that's obviously the upside of Doge is like, it's like, it breaks every rule of us thinking about how, how you would actually go and attack this problem. We thought you'd attack it through meetings.

And we would do it through congressional, you know, sort of processes and research. And it's actually just, it is, you know, obviously a much more sort of founder startup oriented way to approach this. There's gonna be lots of things that are broken glass around the edges. There's no question. But I think what's interesting about this week's event is,

I think that there's been this underlying kind of notion of like, you know, Elon and whatnot at all, you know, don't understand the government enough to be able to change it. And it might actually be the case that the government doesn't understand Elon in the sense of like, he will just see this thing through.