California proposes a 5% wealth tax on billionaires with net assets exceeding $1 billion, aimed at funding healthcare and state assistance programs, sparking opposition from crypto industry executives. Including Bitwise CEO Hunter Horsley, Castle Island Ventures founding partner Nic Carter, and Kraken co-founder Jesse Powell, who believe the tax could lead to the outflow of entrepreneurs and capital, while also being inefficient in fund utilization. The tax partly relies on unrealized gains, meaning billionaires may need to sell stocks or business shares to pay taxes, which can be paid in a lump sum or over five years. Supporters include California Democratic legislator Ro Khanna, who argues that the tax could improve childcare, housing, and education, benefiting American innovation. (Cointelegraph)