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    "comment": "Summary\n\nEMURGO as DRep votes YES on the Net Change Limit (NCL) 2026 governance action submitted by the Budget Committee with rationale below.\n\nRationale\n\nThe Cardano Constitution requires an agreed Net Change Limit before any treasury withdrawal actions can be considered constitutional. Establishing an NCL is therefore a structural requirement to allow treasury governance to function as intended, rather than an approval of future spending. The proposed limit of 350 million ADA is grounded in realized treasury inflows for 2025, supporting fiscal discipline and continuity with prior governance decisions.\n\nEMURGO also considers the revised NCL duration to be a meaningful governance improvement. Realigning the cycle with the mid-year budget season reflects learnings from earlier governance rounds and improves participation and planning for treasury governance. This action defines a constitutional ceiling only, with all treasury withdrawals remaining subject to separate scrutiny, justification, and approval under the Constitution and applicable guardrails. For these reasons, EMURGO votes YES."
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