This is the biggest factor. FT (or the analysts it cites) fumbled the ball in this article.

> Data retention rules imposed by the Trump administration have also hampered Fable’s adoption, according to Ara Kharazian, chief economist at Ramp.

This is in the article.

	▲	semiquaver an hour ago \| parent [-]
		It’s far from clear to me that this is directly connected to the no-ZDR requirement. I’m heavily involved in this stuff with my company and I’ve never heard that the lack of ZDR fable is a Trump admin thing.