I believe that California’s passage of the extended cap and trade program was a generally good compromise. Most importantly, it decoupled the cap and trade market from separate legislation to regulate local emission impacts. As I wrote earlier, earlier proposals failed on this aspect.
Here’s the two best analyses I’ve seen so far, one legal and the other economic (by a former Michigan classmate), of the legislation.
An assessment of 30 years of CATP programs from Rob Stavins at Harvard: http://www.robertstavinsblog.org/2017/08/25/learning-thirty-years-experience-cap-trade-systems/