Gurley says lobbyists from regulated companies literally talk to congressmen about what goes into new laws.
“If they're striking a new federal law, like the lobbyists from the companies being regulated are on M Street talking to the congressman about what to put into the bill.”
Gurley describes how telecom lobbyists drafted legislation directly, contradicting civic education about how laws are made.
“They had put a bill on Governor Rindle's desk, proposal drafted by lobbyists for the telecommunications companies. This isn't what I learned on Schoolhouse Rock.”
Gurley says AI companies operate three to four super PACs and insert staff onto congressional teams to influence regulation.
“They're putting people they're literally inserting people onto the staffs of the different congressmen and senators to try and influence the outcome here.”
Gurley contrasts AI founders lobbying Washington and funding super PACs with his twenty-five years without doing so.
“I've spent twenty five years in this business and and not had to go kowtow to Washington to go to go placate, you know, senators and congressmen.”
Gurley argues regulation most often protects incumbents rather than constraining them, contrary to public perception.
“And so companies get big, they spend money lobbying, they spend time in Washington and they get laws written to help them rather than to constrain them.”
Gurley argues regulation most often protects incumbents despite public perception to the contrary.
“But the idea is simple that regulation, I'd say most often ends up protecting the incumbent and the world thinks the opposite is true.”
Gurley argues regulation most often protects incumbents despite public perception to the contrary.
“regulation, I'd say most often ends up protecting the incumbent and the world thinks the opposite is true.”
Gurley says he identified anti-FedNow legislators by checking donor lists which showed large bank contributions.
“I would see the congressmen and senators that would would be anti Fed now, and I would immediately go on to that website that lists who their donors are, and you'd see large banks.”
Gurley describes Comcast lobbyist who worked for mayor then became most important executive at Comcast.
“There was a gentleman who was the head of the the head of lobbying at Comcast where I think New York Times or the Post, someone did a article where they said this is the most important executive at Comcast. And he had been working for the mayor before he went into that role.”
Gurley says Anthropic has lobbied as heavily as FTX early in its life with people in every state.
“There's Anthropic's lobbying the only company that has lobbied as much as Anthropic early in its life was was FTX and SBF. Like, they he also lobbied heavily.”
Gurley says Anthropic's early lobbying efforts are comparable only to FTX and SBF, with people in every state.
“There's Anthropic's lobbying the only company that has lobbied as much as Anthropic early in its life was was FTX and SBF.”
Gurley explains telecoms passed state laws preventing cities from competing despite receiving pole rights from those cities.
“And they were able to pass laws that said cities can't compete with them even though they're getting their poll rights from the the cities themselves.”
Gurley says Silicon Valley has become more rooted in Washington DC than ever before since he gave his talk.
“But since I gave that talk, I'd say Silicon Valley has gotten more, like, rooted in Washington DC than it ever has more. Than it ever has before.”
Gurley recounts being told to gather 15 people with maximum donation checks just to meet a congressman.
“And I'm like, what do you mean a bunch of people? I just wanted to say hello. Noah, I need you to get 15 people in the conference room.”