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  "body": {
    "comment": "I vote No on the proposed “2025 Cardano NCL” Info Action (Governance Action ID: gov_action10k0unljvaej0kd89w7pn0zkgdx59c7xkl0x5q78dzvdtd73u0kmqq5xl5y5). \n\nAs of the time of this vote, the in-force Net Change Limit for 2025 (start of Epoch 532 through the end of Epoch 604) is 350M ada (Governance Action ID: 9b62b3c632f329016a968ac25211825bb4f84b12461121c7da3aa11df92370f9#0). \n\nI voted in support of the in-force Net Change Limit. Then, out of 194 proposals submitted through Intersect’s Ekklesia platform, I voted for 46 proposals totaling 269,236,866.57 ada. At the conclusion of voting, 40 proposals totaling 275,269,340 ada garnered sufficient support to advance to Intersect’s pending “Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect” Info Action (Governance Action ID: gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh). This budget would, if passed, run from “the close of its voting period (13JUN2025) and continue for 73 epochs (52 weeks).” There is currently no in-force or proposed Net Change Limit Info Action covering 2026.\n\nOur governance system incorporates three checks on treasury withdrawals: The in-force Net Change Limit set via Info Action, in-force budget(s) set by Info Action(s), and specific Treasury Withdrawal Governance Actions. The decision to vote for an NCL — whether 350M ada or 200M ada — does not authorize or signal support for spending these full amounts in the given time period. To withdraw ada from the treasury, each Treasury Withdrawal Governance Action must achieve sufficient voting consensus, correspond to an in-force budget, and not exceed the in-force Net Change Limit. My rationale for the in-force Net Change Limit provides my reasons for supporting it, and I’m not aware of convincing reasons to lower the 2025 NCL at this time."
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