[Crypto Giant Slams California's Proposed 5% Wealth Tax] BlockBeats News, December 29, as reported by Cointelegraph, California's proposal to impose a 5% tax on billionaires' wealth has faced strong opposition from cryptocurrency executives. They argue that it will trigger an exodus of entrepreneurs, capital flight, and ultimately be wasted regardless. The proposal, called the '2026 Billionaire Tax Act,' aims to introduce a ballot initiative to levy a 5% tax on individuals or entities with a net worth exceeding $1 billion to fund the healthcare system and state government assistance programs. According to the SEIU United Healthcare Workers West union, since the proposed wealth tax partially targets unrealized gains, some billionaires may need to sell stocks or parts of their businesses to raise funds to pay the tax. The tax can be paid in a lump sum or over five years with interest. Veteran figures in the cryptocurrency industry, including Bitwise CEO Hunter Horsley and Kraken co-founder Jesse Powell, believe that this measure will only drive billionaires out of the state, resulting in negative consequences.