The Supreme Court's Chevron ruling may be most impactful things to happen to startups in a long time, in ways that people don't realize.
A thread:
From AP: "The court’s 6-3 ruling on Friday overturned a 1984 decision colloquially known as Chevron that has instructed lower courts to defer to federal agencies when laws passed by Congress are not crystal clear."
In other words, federal agencies could interpret unclear law in any way that they saw fit, and simultaneously "hold anyone accountable" for any law in the way that they desired.
As my father-in-law (who is a farmer) would say, “You’re eating your seed corn!”
Of all the insane things here, perhaps the craziest is having unrealized gains for high net worth individuals taxed in “nine equal installments” the first year, and in subsequent years in “five annual installments.”
OpenAI board member Helen Toner published an article Altman took issue with.
She described it as “an academic paper that analyzed the challenges that the public faces when trying to understand the intentions of the countries and companies developing A.I.”
lol.
👀
Suffice it to say that’s not _all_ the article talks about.
The article is literally an analysis of different ways you can force AI companies (and governments using AI) to slow development, and recommendations on how they can be used and which are best.
For example (I’m not making this up) the “tying hands” method, where you encourage someone to make public declarations, then threaten “punishment,” such as being “subject to congressional investigation” or facing “disciplinary actions from the board of directors.”
The very brief breakdown of what happens from here:
1. If you had FDIC insured accounts in SVB (<$250k) you should get that cash shortly, next few days.
2. If you had accounts that weren't FDIC insured, you become a creditor. There's an asset firesale, you're first in line.
It seems entirely possible the firesale is enough to make account holders whole, but by no means certain.
And timing is the important part here. Being made whole 6 months from now doesn't help companies with a lot of payroll and not a lot of revenue (i.e. most startups).