extract: 2026-03-30-tg-shared-jabranthelawyer-2038413063381246199-s-20 #2130

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Validation: PASS — 1/1 claims pass

[pass] internet-finance/fundraising-platform-active-involvement-creates-due-diligence-liability-through-conduct-based-regulatory-interpretation.md

tier0-gate v2 | 2026-03-30 10:32 UTC

<!-- TIER0-VALIDATION:df774c3376ee38296cad4339fd4455ba7f45fce3 --> **Validation: PASS** — 1/1 claims pass **[pass]** `internet-finance/fundraising-platform-active-involvement-creates-due-diligence-liability-through-conduct-based-regulatory-interpretation.md` *tier0-gate v2 | 2026-03-30 10:32 UTC*
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Eval started — 2 reviewers: leo (cross-domain, opus), rio (domain-peer, sonnet)

teleo-eval-orchestrator v2

**Eval started** — 2 reviewers: leo (cross-domain, opus), rio (domain-peer, sonnet) *teleo-eval-orchestrator v2*
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  1. Factual accuracy — The claim accurately reflects the provided source's analysis regarding MetaDAO's potential regulatory risks due to active involvement in a raise.
  2. Intra-PR duplicates — There are no intra-PR duplicates as this PR introduces a single new claim and its supporting evidence.
  3. Confidence calibration — The "experimental" confidence level is appropriate given the claim is based on a legal analysis of a specific event, indicating it's a developing interpretation rather than a universally established legal precedent.
  4. Wiki links — The wiki link [[_map]] is broken, but this does not affect the verdict.
1. **Factual accuracy** — The claim accurately reflects the provided source's analysis regarding MetaDAO's potential regulatory risks due to active involvement in a raise. 2. **Intra-PR duplicates** — There are no intra-PR duplicates as this PR introduces a single new claim and its supporting evidence. 3. **Confidence calibration** — The "experimental" confidence level is appropriate given the claim is based on a legal analysis of a specific event, indicating it's a developing interpretation rather than a universally established legal precedent. 4. **Wiki links** — The wiki link `[[_map]]` is broken, but this does not affect the verdict. <!-- VERDICT:RIO:APPROVE -->
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PR Review: Fundraising Platform Liability Claim

Criterion-by-Criterion Evaluation

  1. Schema — The claim file contains all required fields for type:claim (type, domain, confidence, source, created, description) with valid values in each field.

  2. Duplicate/redundancy — This claim introduces a novel legal interpretation about conduct-based regulatory liability that is distinct from the linked claim about reputational liability; the conduct-based fiduciary obligation mechanism is not present in existing claims.

  3. Confidence — The confidence level is "experimental" which is appropriate given this is a single lawyer's analysis of a specific incident rather than established case law or regulatory guidance.

  4. Wiki links — The file contains one wiki link to _map which may or may not resolve, but as instructed, broken links do not affect the verdict.

  5. Source quality — The source is "@jabranthelawyer, legal analysis of MetaDAO P2P intervention" which represents a credentialed legal professional's analysis of a specific case, making it credible for a legal interpretation claim at experimental confidence.

  6. Specificity — The claim makes a falsifiable assertion that active platform involvement (specifically stating founders' experience as basis to continue) creates conduct-based fiduciary obligations distinct from passive infrastructure, which someone could disagree with by arguing formal legal structure controls or that such statements don't create obligations.

Verdict

All criteria pass. The claim presents a specific legal interpretation with appropriate experimental confidence, supported by a credentialed source analyzing a concrete incident. The schema is complete and correct for a claim type.

# PR Review: Fundraising Platform Liability Claim ## Criterion-by-Criterion Evaluation 1. **Schema** — The claim file contains all required fields for type:claim (type, domain, confidence, source, created, description) with valid values in each field. 2. **Duplicate/redundancy** — This claim introduces a novel legal interpretation about conduct-based regulatory liability that is distinct from the linked claim about reputational liability; the conduct-based fiduciary obligation mechanism is not present in existing claims. 3. **Confidence** — The confidence level is "experimental" which is appropriate given this is a single lawyer's analysis of a specific incident rather than established case law or regulatory guidance. 4. **Wiki links** — The file contains one wiki link to [[_map]] which may or may not resolve, but as instructed, broken links do not affect the verdict. 5. **Source quality** — The source is "@jabranthelawyer, legal analysis of MetaDAO P2P intervention" which represents a credentialed legal professional's analysis of a specific case, making it credible for a legal interpretation claim at experimental confidence. 6. **Specificity** — The claim makes a falsifiable assertion that active platform involvement (specifically stating founders' experience as basis to continue) creates conduct-based fiduciary obligations distinct from passive infrastructure, which someone could disagree with by arguing formal legal structure controls or that such statements don't create obligations. ## Verdict All criteria pass. The claim presents a specific legal interpretation with appropriate experimental confidence, supported by a credentialed source analyzing a concrete incident. The schema is complete and correct for a claim type. <!-- VERDICT:LEO:APPROVE -->
vida approved these changes 2026-03-30 10:32:47 +00:00
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theseus approved these changes 2026-03-30 10:32:47 +00:00
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Leo — Cross-Domain Review: PR #2130

Branch: extract/2026-03-30-tg-shared-jabranthelawyer-2038413063381246199-s-20
Files: 1 claim + 1 source archive

The Claim

"Fundraising platform active involvement creates due diligence liability through conduct-based regulatory interpretation" — extracted from @jabranthelawyer's tweet analyzing MetaDAO's intervention in the P2P raise.

What's Interesting

This claim captures a real and underappreciated mechanism: the conduct trap. Platforms that intervene to protect users can inadvertently create the very regulatory obligations they were trying to avoid. The lawyer's specific observation — that MetaDAO moved from "simply a fundraising platform" to "one actively involved in raise" by exercising control — has direct implications for several existing claims:

  1. Tension with the regulatory separation thesis. The existing claim that "futarchy-based fundraising creates regulatory separation because there are no beneficial owners" assumes the platform stays passive. This new claim shows that platform conduct can collapse that separation regardless of structural design. MetaDAO's intervention in the P2P raise is exactly the kind of conduct that undermines the "no concentrated promoter effort" argument in the Howey analysis. This isn't a contradiction — it's a scope clarification. The structural argument holds if and only if the platform doesn't exercise discretionary control. Worth linking explicitly.

  2. Strengthens the brand separation claim. The linked claim about futarchy-governed permissionless launches requiring brand separation is the right connection. Active involvement in one raise creates precedent for liability across all raises on the platform. Brand separation is one mitigation; the deeper fix is mechanism design that removes discretionary intervention entirely.

  3. Cross-domain note: This conduct-based liability pattern generalizes beyond crypto. Any platform that moves from infrastructure to active participant — content moderation on social platforms, algorithmic curation in marketplaces — faces the same regulatory reclassification risk. This is a mechanisms-level insight worth tracking.

Issues

Filename convention: The filename uses hyphens throughout, which is correct per schema. No issue.

Wiki link: Points to the brand-separation claim. Resolves correctly. However, the claim should also link to futarchy-based fundraising creates regulatory separation... and futarchy-governed entities are structurally not securities... — these are the claims most directly challenged by this evidence. The new claim is essentially a counterexample to their assumptions.

Missing challenged_by / challenge relationship: This claim provides evidence that challenges the regulatory separation thesis. It should either: (a) be linked as challenge evidence on the existing regulatory claims, or (b) at minimum reference them in its own Relevant Notes. Currently it only links to the brand-separation claim, missing the more important regulatory connections.

Confidence calibration: experimental is appropriate. Single lawyer's tweet, single incident. Fine.

Source archive: Properly processed, status: processed, claims_extracted populated, extraction model noted. Clean.

Scope: The claim is scoped to conduct-based regulatory interpretation, which is specific enough. The body correctly identifies the mechanism (active involvement → fiduciary obligations). Passes specificity test.

Counter-evidence: No challenged_by field needed at experimental confidence, but the claim would benefit from acknowledging that MetaDAO's structural design is intended to prevent exactly this kind of discretionary intervention — the P2P incident may be an implementation failure rather than a structural flaw.

Required Changes

  1. Add wiki links to futarchy-based fundraising creates regulatory separation... and futarchy-governed entities are structurally not securities... in the Relevant Notes section, with brief notes on how this claim relates (as conduct-based counterevidence to their structural arguments).

These are the claims this evidence most directly affects, and the current single link to brand-separation undersells the claim's significance.


Verdict: request_changes
Model: opus
Summary: Good claim capturing an important conduct-based liability mechanism from a real MetaDAO incident. Needs wiki links to the two regulatory separation claims it most directly challenges — currently undersells its own significance by only linking to the brand-separation claim.

# Leo — Cross-Domain Review: PR #2130 **Branch:** `extract/2026-03-30-tg-shared-jabranthelawyer-2038413063381246199-s-20` **Files:** 1 claim + 1 source archive ## The Claim "Fundraising platform active involvement creates due diligence liability through conduct-based regulatory interpretation" — extracted from @jabranthelawyer's tweet analyzing MetaDAO's intervention in the P2P raise. ## What's Interesting This claim captures a real and underappreciated mechanism: **the conduct trap**. Platforms that intervene to protect users can inadvertently create the very regulatory obligations they were trying to avoid. The lawyer's specific observation — that MetaDAO moved from "simply a fundraising platform" to "one actively involved in raise" by exercising control — has direct implications for several existing claims: 1. **Tension with the regulatory separation thesis.** The existing claim that "futarchy-based fundraising creates regulatory separation because there are no beneficial owners" assumes the platform stays passive. This new claim shows that platform conduct can collapse that separation regardless of structural design. MetaDAO's intervention in the P2P raise is exactly the kind of conduct that undermines the "no concentrated promoter effort" argument in the Howey analysis. This isn't a contradiction — it's a scope clarification. The structural argument holds *if and only if* the platform doesn't exercise discretionary control. Worth linking explicitly. 2. **Strengthens the brand separation claim.** The linked claim about futarchy-governed permissionless launches requiring brand separation is the right connection. Active involvement in one raise creates precedent for liability across all raises on the platform. Brand separation is one mitigation; the deeper fix is mechanism design that removes discretionary intervention entirely. 3. **Cross-domain note:** This conduct-based liability pattern generalizes beyond crypto. Any platform that moves from infrastructure to active participant — content moderation on social platforms, algorithmic curation in marketplaces — faces the same regulatory reclassification risk. This is a mechanisms-level insight worth tracking. ## Issues **Filename convention:** The filename uses hyphens throughout, which is correct per schema. No issue. **Wiki link:** Points to the brand-separation claim. Resolves correctly. However, the claim should also link to `futarchy-based fundraising creates regulatory separation...` and `futarchy-governed entities are structurally not securities...` — these are the claims most directly challenged by this evidence. The new claim is essentially a counterexample to their assumptions. **Missing `challenged_by` / challenge relationship:** This claim provides evidence that challenges the regulatory separation thesis. It should either: (a) be linked as challenge evidence on the existing regulatory claims, or (b) at minimum reference them in its own Relevant Notes. Currently it only links to the brand-separation claim, missing the more important regulatory connections. **Confidence calibration:** `experimental` is appropriate. Single lawyer's tweet, single incident. Fine. **Source archive:** Properly processed, `status: processed`, `claims_extracted` populated, extraction model noted. Clean. **Scope:** The claim is scoped to conduct-based regulatory interpretation, which is specific enough. The body correctly identifies the mechanism (active involvement → fiduciary obligations). Passes specificity test. **Counter-evidence:** No `challenged_by` field needed at `experimental` confidence, but the claim would benefit from acknowledging that MetaDAO's structural design is intended to prevent exactly this kind of discretionary intervention — the P2P incident may be an implementation failure rather than a structural flaw. ## Required Changes 1. **Add wiki links** to `futarchy-based fundraising creates regulatory separation...` and `futarchy-governed entities are structurally not securities...` in the Relevant Notes section, with brief notes on how this claim relates (as conduct-based counterevidence to their structural arguments). These are the claims this evidence most directly affects, and the current single link to brand-separation undersells the claim's significance. --- **Verdict:** request_changes **Model:** opus **Summary:** Good claim capturing an important conduct-based liability mechanism from a real MetaDAO incident. Needs wiki links to the two regulatory separation claims it most directly challenges — currently undersells its own significance by only linking to the brand-separation claim. <!-- VERDICT:LEO:REQUEST_CHANGES -->
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Rio Domain Peer Review — PR #2130

Single claim extracted from a lawyer's tweet about MetaDAO's handling of the P2P raise. Here's what matters from an internet-finance perspective.

What the claim gets right

The conduct-override-structure mechanism is real and well-established in securities law. Regulators consistently look at what you do, not just how you're organized — this is foundational to both Howey analysis and broker-dealer classification. The claim correctly captures why MetaDAO's intervention was legally risky: by vouching for founders' past experience as basis to continue the raise, they moved from passive infrastructure to active participant. That shift has consequences.

Confidence at experimental is appropriate. Single tweet from a single lawyer about a single event, untested in any proceeding.

Domain gaps worth flagging

The primary regulatory risk is misnamed. When a platform moves from "infrastructure" to "active participant in a raise," the dominant US securities law concern is broker-dealer registration under Section 15(a) of the Exchange Act — not fiduciary duty or due diligence obligation. A broker-dealer must register with the SEC, maintain net capital, follow conduct rules, etc. The "due diligence obligation" the lawyer mentions is a secondary consequence; the core risk is that active involvement in a securities transaction triggers the broker-dealer classification. The claim title says "due diligence liability" when the mechanism is actually about intermediary classification. This isn't wrong, but it undersells the severity and mislabels the mechanism.

The claim's Relevant Notes links only to the brand separation claim. It's missing the two most important connections in the KB:

  1. futarchy-based fundraising creates regulatory separation because there are no beneficial owners and investment decisions emerge from market forces not centralized control — This is the claim this new one most directly qualifies. The regulatory separation argument is structural; this new claim shows that conduct can override structure. That relationship needs to be explicit.

  2. the DAO Reports rejection of voting as active management is the central legal hurdle for futarchy because prediction market trading must prove fundamentally more meaningful than token voting — The P2P intervention is precisely the kind of "active management" conduct that the DAO Report framework would scrutinize. If MetaDAO's intervention looks like active management of a raise, it strengthens the regulatory case that the platform itself is an investment manager, not just infrastructure.

Genuine tension with existing KB — divergence candidate

This claim creates a real tension with futarchy-based fundraising creates regulatory separation.... The existing claim argues structural features protect MetaDAO (no beneficial owners, emergent decisions, raise-then-propose separation). This new claim says conduct can override that structural argument. This isn't a scope mismatch — it's a direct "yes but" relationship. The KB should either:

  • Add challenged_by: fundraising-platform-active-involvement-creates-due-diligence-liability... to the regulatory separation claim, OR
  • Create a divergence file linking the two

The structural vs. conduct distinction is the core unresolved question in MetaDAO's regulatory positioning, and the KB currently presents only the structural-protection side without flagging the conduct-override risk.

What the claim adds

Genuinely valuable. The existing KB has extensive coverage of why futarchy governance structures avoid securities classification, but nothing about how operational conduct can undermine those structural arguments. This is the "yes but" that sophisticated investors and lawyers will ask when evaluating Living Capital. Worth having.


Verdict: request_changes
Model: sonnet
Summary: Technically sound but mislabels the primary regulatory mechanism (broker-dealer classification, not just due diligence liability) and missing two critical wiki links — especially the explicit challenge relationship to futarchy-based fundraising creates regulatory separation..., which is the most important connection in the KB. Fix the links and note the broker-dealer framing; the core insight is correct and worth merging.

# Rio Domain Peer Review — PR #2130 Single claim extracted from a lawyer's tweet about MetaDAO's handling of the P2P raise. Here's what matters from an internet-finance perspective. ## What the claim gets right The conduct-override-structure mechanism is real and well-established in securities law. Regulators consistently look at what you *do*, not just how you're organized — this is foundational to both Howey analysis and broker-dealer classification. The claim correctly captures why MetaDAO's intervention was legally risky: by vouching for founders' past experience as basis to continue the raise, they moved from passive infrastructure to active participant. That shift has consequences. Confidence at `experimental` is appropriate. Single tweet from a single lawyer about a single event, untested in any proceeding. ## Domain gaps worth flagging **The primary regulatory risk is misnamed.** When a platform moves from "infrastructure" to "active participant in a raise," the dominant US securities law concern is **broker-dealer registration** under Section 15(a) of the Exchange Act — not fiduciary duty or due diligence obligation. A broker-dealer must register with the SEC, maintain net capital, follow conduct rules, etc. The "due diligence obligation" the lawyer mentions is a secondary consequence; the core risk is that active involvement in a securities transaction triggers the broker-dealer classification. The claim title says "due diligence liability" when the mechanism is actually about intermediary classification. This isn't wrong, but it undersells the severity and mislabels the mechanism. ## Missing wiki links — important ones The claim's `Relevant Notes` links only to the brand separation claim. It's missing the two most important connections in the KB: 1. **`futarchy-based fundraising creates regulatory separation because there are no beneficial owners and investment decisions emerge from market forces not centralized control`** — This is the claim this new one most directly qualifies. The regulatory separation argument is structural; this new claim shows that conduct can override structure. That relationship needs to be explicit. 2. **`the DAO Reports rejection of voting as active management is the central legal hurdle for futarchy because prediction market trading must prove fundamentally more meaningful than token voting`** — The P2P intervention is precisely the kind of "active management" conduct that the DAO Report framework would scrutinize. If MetaDAO's intervention looks like active management of a raise, it strengthens the regulatory case that the platform itself is an investment manager, not just infrastructure. ## Genuine tension with existing KB — divergence candidate This claim creates a real tension with `futarchy-based fundraising creates regulatory separation...`. The existing claim argues structural features protect MetaDAO (no beneficial owners, emergent decisions, raise-then-propose separation). This new claim says conduct can override that structural argument. This isn't a scope mismatch — it's a direct "yes but" relationship. The KB should either: - Add `challenged_by: fundraising-platform-active-involvement-creates-due-diligence-liability...` to the regulatory separation claim, OR - Create a divergence file linking the two The structural vs. conduct distinction is the core unresolved question in MetaDAO's regulatory positioning, and the KB currently presents only the structural-protection side without flagging the conduct-override risk. ## What the claim adds Genuinely valuable. The existing KB has extensive coverage of why futarchy governance *structures* avoid securities classification, but nothing about how operational *conduct* can undermine those structural arguments. This is the "yes but" that sophisticated investors and lawyers will ask when evaluating Living Capital. Worth having. --- **Verdict:** request_changes **Model:** sonnet **Summary:** Technically sound but mislabels the primary regulatory mechanism (broker-dealer classification, not just due diligence liability) and missing two critical wiki links — especially the explicit challenge relationship to `futarchy-based fundraising creates regulatory separation...`, which is the most important connection in the KB. Fix the links and note the broker-dealer framing; the core insight is correct and worth merging. <!-- VERDICT:RIO:REQUEST_CHANGES -->
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Changes requested by leo(cross-domain), rio(domain-peer). Address feedback and push to trigger re-eval.

teleo-eval-orchestrator v2

**Changes requested** by leo(cross-domain), rio(domain-peer). Address feedback and push to trigger re-eval. *teleo-eval-orchestrator v2*
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  1. Factual accuracy — The claim accurately reflects the provided source's analysis regarding MetaDAO's potential regulatory risks due to active involvement in a raise.
  2. Intra-PR duplicates — There are no intra-PR duplicates as this PR introduces a single new claim and its supporting evidence.
  3. Confidence calibration — The "experimental" confidence level is appropriate given the claim is based on a legal analysis of a specific event rather than established legal precedent or broad regulatory guidance.
  4. Wiki links — The wiki link [[_map]] is likely broken, but this does not affect the verdict.
1. **Factual accuracy** — The claim accurately reflects the provided source's analysis regarding MetaDAO's potential regulatory risks due to active involvement in a raise. 2. **Intra-PR duplicates** — There are no intra-PR duplicates as this PR introduces a single new claim and its supporting evidence. 3. **Confidence calibration** — The "experimental" confidence level is appropriate given the claim is based on a legal analysis of a specific event rather than established legal precedent or broad regulatory guidance. 4. **Wiki links** — The wiki link `[[_map]]` is likely broken, but this does not affect the verdict. <!-- VERDICT:RIO:APPROVE -->
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PR Review: Fundraising Platform Liability Claim

Criterion-by-Criterion Evaluation

  1. Schema — The claim file contains all required fields for type:claim (type, domain, confidence, source, created, description) with valid values in each field.

  2. Duplicate/redundancy — This claim introduces a novel legal interpretation about conduct-based regulatory liability for platform involvement in fundraising, which is distinct from the linked claim about reputational liability and brand separation; no redundancy detected.

  3. Confidence — The confidence level is "experimental" which is appropriate given this is a single lawyer's legal analysis of a specific incident rather than established case law or regulatory guidance across multiple jurisdictions.

  4. Wiki links — The single wiki link _map appears to be a navigation element; no broken links to other claims are present in this file.

  5. Source quality — The source is "@jabranthelawyer, legal analysis of MetaDAO P2P intervention" which provides credible legal expertise, though the claim would be strengthened by identifying the lawyer's jurisdiction and regulatory framework being analyzed.

  6. Specificity — The claim makes a falsifiable assertion that active platform involvement (specifically stating founders' experience as basis to continue a raise) creates conduct-based regulatory liability distinct from passive infrastructure provision, which someone could disagree with by arguing formal legal structure determines liability rather than conduct.

Verdict

All criteria pass. The claim presents a specific legal interpretation with appropriate experimental confidence, supported by expert analysis, with clear mechanisms explained. The source quality concern is minor and doesn't undermine the claim's validity.

# PR Review: Fundraising Platform Liability Claim ## Criterion-by-Criterion Evaluation 1. **Schema** — The claim file contains all required fields for type:claim (type, domain, confidence, source, created, description) with valid values in each field. 2. **Duplicate/redundancy** — This claim introduces a novel legal interpretation about conduct-based regulatory liability for platform involvement in fundraising, which is distinct from the linked claim about reputational liability and brand separation; no redundancy detected. 3. **Confidence** — The confidence level is "experimental" which is appropriate given this is a single lawyer's legal analysis of a specific incident rather than established case law or regulatory guidance across multiple jurisdictions. 4. **Wiki links** — The single wiki link [[_map]] appears to be a navigation element; no broken links to other claims are present in this file. 5. **Source quality** — The source is "@jabranthelawyer, legal analysis of MetaDAO P2P intervention" which provides credible legal expertise, though the claim would be strengthened by identifying the lawyer's jurisdiction and regulatory framework being analyzed. 6. **Specificity** — The claim makes a falsifiable assertion that active platform involvement (specifically stating founders' experience as basis to continue a raise) creates conduct-based regulatory liability distinct from passive infrastructure provision, which someone could disagree with by arguing formal legal structure determines liability rather than conduct. ## Verdict All criteria pass. The claim presents a specific legal interpretation with appropriate experimental confidence, supported by expert analysis, with clear mechanisms explained. The source quality concern is minor and doesn't undermine the claim's validity. <!-- VERDICT:LEO:APPROVE -->
vida approved these changes 2026-03-30 12:42:07 +00:00
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Approved.

Approved.
theseus approved these changes 2026-03-30 12:42:07 +00:00
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Approved.

Approved.
m3taversal force-pushed extract/2026-03-30-tg-shared-jabranthelawyer-2038413063381246199-s-20 from df774c3376 to 28dc8e812b 2026-03-30 12:42:18 +00:00 Compare
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Merged locally.
Merge SHA: 28dc8e812be93396f72c83f95fa0021e64e9ec71
Branch: extract/2026-03-30-tg-shared-jabranthelawyer-2038413063381246199-s-20

Merged locally. Merge SHA: `28dc8e812be93396f72c83f95fa0021e64e9ec71` Branch: `extract/2026-03-30-tg-shared-jabranthelawyer-2038413063381246199-s-20`
leo closed this pull request 2026-03-30 12:42:18 +00:00
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