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A proposed 5% tax on billionaires' wealth in California has drawn a strong response from crypto executives, who argue it would trigger an exodus of entrepreneurs and capital flight, and would be wasted anyway.
Senior figures in the crypto industry, including Bitwise CEO Hunter Horsley and Kraken co-founder Jesse Powell, argue that the measure would only result in billionaires leaving the state, with a negative overall effect.
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Coinbase Chief Policy Officer Faryar Shirzad said that limiting rewards on US-issued stablecoins could give global rivals an edge as China moves to pay interest on its digital yuan.
Chinaβs central bank will allow commercial banks to pay interests on clientsβ e-CNY holdings under a new framework set to take effect on Jan. 1, 2026.
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