I've been contacted by a few people about an allegation of wrongdoing at Intersect. I rarely do this, but I think it's important to correct falsehoods before they take root, and to also clarify process. Let me start with how Intersect actually works. No individual member or committee secretary has the authority to approve funds or contracts. That authority sits solely with the governing Board, through majority approval, or with the Executive team under delegated authority from the Board. This isn't a policy preference - it's how we are legally structured. The allegation that Lloyd "approved" or “directed” funding to a family member's company is therefore not just inaccurate, it is structurally impossible. Both contracts cited were approved by prior leadership in 2024. The dollar contract relates to Lloyd's engagement as a budget subject matter expert, hired by that same prior leadership. Neither contract was something Lloyd had any authority to approve, then or now. Lloyd's current position is Secretary to the Budget Committee - a non-decision-making, administrative role that the committee themselves requested he continue in. He has been a valued contributor to the myriad of improvements the budget process has undergone for its 2026 iteration. I recognize it may sound convenient to point to "previous leadership," so let me be clear about the broader principle: fiduciary responsibility at Intersect sits with its leadership and Board. These processes were not bypassed. They cannot be, by design. Multiple checks and balances between my staff and the Board are how we operate. I take this seriously. Intersect is a nonprofit with a sole focus on advancing Cardano, and I hold our governance standards accordingly. I accept that we can always improve on transparency and in some ways, the fact that I'm writing this is evidence that it exists. Lastly, it is fair to ask whether any contract delivered good value. That's healthy scrutiny. But publicly accusing an individual of corruption based on inaccurate claims is not, and it shouldn't go uncorrected.