 Responding to the CA, Daniel Waxman (2017) identifies two readings of ‘conservativeness’, one semantic and the other syntactic, which correspond to two conceptions of arithmetic. On the first conception, arithmetic is understood categorically as given by the standard model. On the second conception, arithmetic is understood axiomatically and is captured by the acceptance of some first-order theory, such as PA. Waxman argues that deflationism can be conservative given either conception, so that the CA does not go through.