California’s proposed 5% billionaire wealth tax is sparking debate across the crypto space.
By taxing unrealized gains — including crypto holdings and startup equity — the policy could strain founders and long-term holders who have wealth on paper but limited liquidity.
Industry leaders warn this may accelerate the flow of capital and talent outside the US, even as some companies continue to expand domestically.
The real issue goes beyond taxes: can the US remain competitive in a fast-moving, global digital economy?
