$XRP Ripple Co-Founder Leads $40M Push Against California Wealth Tax
This isn't a typical crypto story - but it matters. Ripple co-founder Chris Larsen, alongside venture capitalist Tim Draper, just launched a $40M political effort in California after a proposed wealth tax spooked Silicon Valley. All this is happening while B $BTC keeps the broader market uneasy.
The trigger? A ballot proposal calling for a one-time 5% tax on net worth over $1B, including unrealized gains. Larsen says it "woke a sleeping giant" and plans to personally commit up to $30M. The group will target a small number of state legislative seats, focusing on budgets and public safety - not the governor's race.
The takeaway is simple: as wealth taxes move from theory to reality, crypto-linked capital is starting to organize. Quietly, long-term, and with real money on the table.
📉 WHAT'S CAUSING THE MARKET CRASH?! Gold & silver lost $10T in 3 days. Crypto wiped out $430B in 4 days. There’s been no obvious catalyst, so what changed? Markets are reacting to incoming Fed Chair Kevin Warsh’s message: "The Fed should shrink its balance sheet." He says today’s $7T Fed balance sheet is “trillions larger than it needs to be.” That matters because less Fed balance sheet = less liquidity for stocks and crypto. If this is Warsh’s Fed, markets could be in for more pain.🔥 #StrategyBTCPurchase #USCryptoMarketStructureBill #BinanceBitcoinSAFUFund #USGovShutdown #WhoIsNextFedChair