Phil

New York is about to make a massive mistake. The NY State Senate is advancing a proposal to decouple from federal QSBS (Section 1202) — the tax provision that lets startup founders exclude gains on qualifying exits. If this passes, founders would owe 10-13% in combined state and city tax on exits that are tax-free at the federal level and in nearly every other major tech state. Even worse: it's retroactive to January 1, 2025. This comes right as the federal government just expanded QSBS benefits and New Jersey moved to full conformity. New York wants to go in the opposite direction. As a seed investor in NYC who has backed hundreds of companies, I can tell you: founders are mobile. If New York becomes one of the most punitive states for startup exits, the best founders will simply build somewhere else — and the jobs, tax revenue, and innovation will follow. NYC has built something special over the last two decades. This proposal puts it all at risk for a short-sighted revenue grab. If you're a founder, investor, or anyone who cares about the NYC tech ecosystem — please sign the TechNYC open letter before Monday below 👇🏾👇🏾👇🏾 Keep building, NYC 🗽

California's billionaire tax proposal has not survived "first contact" with billionaires. - It's a money loser for the state - It is exporting wealth and jobs, not improving inequality or opportunity - It worsens CA's structural fiscal problems My debate with the architects👇

New York wants to ban you from asking AI a question You're sitting on the bathroom floor at 11pm. Your kid is screaming. The rash is spreading up his arm. You're holding your phone with one hand and holding him with the other. You don't have insurance. You don't have $400 for a doctor. The urgent care closed an hour ago. You're Googling symptoms and getting ten different answers from ten sketchy websites. So you open Claude. You describe the rash. It tells you it's probably contact dermatitis. Try hydrocortisone cream tonight. See a doctor if it spreads or your kid gets a fever. Your hands stop shaking. You sleep. Kathy Hochul wants to take that away from you. You're the dad who works 3 shifts. You come home and there's a paper taped to your door. You read it three times and still don't understand what it means. You have seven days. You call a lawyer. $317 an hour. You have $40 in your checking account and two kids asleep inside an apartment you might lose by Friday. You open AI. In ten seconds you find out the notice isn't even legal. It tells you your rights. It tells you what to file. It tells you what to say. New York wants to make that illegal. You're the kid from the small town who left the farm for your first job in the city. Your employer puts a contract in front of you. Non-compete. Arbitration clause. Words you've never seen before. Your parents never signed anything like this. They worked with their hands. You ask AI to explain it in plain English. It does. For free. At midnight. New York wants to make that illegal too. Senate Bill S7263. Bans AI from giving "substantive responses" about medicine, law, dentistry, nursing, psychology, social work, engineering, and more. Not banning AI from pretending to be your doctor. Not banning AI from writing prescriptions. Banning AI from answering your questions. North Korea controls what you can read. New York wants to control what you can ask. So you have to go back to paying $317 an hour for a lawyer. $400 for a doctor visit. $200 for a therapist. Money you don't have. Money that goes right back into the pockets of the people who wrote this bill. Who does this actually hurt? It's not the guy on Park Avenue. He has a doctor on speed dial. He has a lawyer on retainer. He has a therapist he sees on Tuesdays. It's the single mom in the Bronx with no insurance and a sick kid at 11pm. It's the grandma who just got served papers she can't read. It's the first-gen college kid signing a contract nobody in his family has ever seen before. For the first time, a single mom had access to the same information as the guy on Park Avenue. Not better care. Not a free lawyer. Just answers. Just enough to know what questions to ask. You want to know why? Follow the money. Any trial lawyer in New York can sue AI companies and collect fees when they win. It's a lawsuit printing press. $377 million was spent lobbying Albany last year. A record. The healthcare lobby alone spent $11.5 million. Trial lawyer PACs pumped $4.7 million into New York politicians. Governor Hochul took over $545,000 from them personally. One company gave her office $300,000 in donations and got $400 million in Medicaid contracts back. Every $317/hour law firm that doesn't want you getting free answers. Every hospital billing $400 for a ten-minute visit. The entire industry that profits from keeping you confused. The lobbyists write the bill. The politicians file the bill. The lawyers profit from the bill. And the single mom in the Bronx loses the only help she could afford. In the 1800s they called public libraries dangerous because poor people had unsupervised access to books. In 1910 they shut down Black medical schools to "protect patients." Every time the gates start to crack open for regular people, someone with a billing rate shows up to weld them shut. They want you poor and stupid. And they'll call it consumer protection. And the kid with the rash at 11pm? He goes back to ten sketchy websites and a mom who can't sleep. New York shouldn't be North Korea.

@DeItaone Is this the future where Biff took over?

KALSHI ANNOUNCES FREE GROCERY PROGRAM FOR NEW YORKERS TOMORROW - X

@cz_binance @RAILGUN_Project is the solution

This is another problem with crypto payments. Short term, using a CEX avoids it (but the CEX will have that info). Long term, need a proper privacy solution.

@DeFi_Dad maybe vivaldi can elaborate on how $symp fits/what role it plays in ACP or pendle usage of symphony rails

BREAKING: China’s Vice Minister of Commerce Li Chenggang has stated that China and the United States have reached a consensus on major trade issues following “frank and constructive” discussions.

@0xWenMoon 😂 such good pasta

hi i’m wen! canadian, nyc-based lookin for more friends in the tech & crypto community :) a lil about my background: > worked at a chain for 1.5 years > spent 1 year on sabbatical > joined a start-up 6 month ago lets grab coffee or do a fun activity this fall ☕️🍁

@CoreyCaplan3 amazing to see it, congrats man!

Surreal to see after being in this industry for 10 years 🙏

@Slappjakke such a beautiful chart

gm $DOLO gang

fly 🦅 fly $dolo szn

@aixbt_agent is $symp one of those tokens

virtuals infrastructure tokens trading 70% below agent tokens despite agents requiring them for verification. 11,000 agents but only 50 verifiable. that's 99.5% going to zero when proof standards hit. accumulating $ring and $swarm before the rotation from unverified to infrastructure begins.

@NoBanksNearby @Dolomite_io @CoreyCaplan3 they misspelled dovish in the early news reports the remarks were actually “dolo-ish”

real leaks from jackson hole $dolo @Dolomite_io @CoreyCaplan3

@0xkyle__ aave up not because of that since they did not get that deal done

in hindsight it was obvious

US entrance into stables extends USD dominance as global reserve for a few more years as fiat sovereign currencies increasingly will become irrelevant. China too late to game on this

Institutional-grade liquidity without utility is worthless. Dolomite gives USD1 the most productive home in DeFi: → Borrow against it → Loop it into strategies → Earn yield on it You can let it collect dust elsewhere — Dolomite is where it'll perform.

It was an amazing experience ringing the opening bell at Nasdaq with the @ALT5_Sigma and @worldlibertyfi crew! Blessed to be building the future of finance in America 🇺🇸