Cryptocurrency billionaires pour $40 million into fighting wealth tax and strengthening unions in California
15.01.2026
The largest representatives of the cryptocurrency industry have joined forces to fund a major campaign against California's proposed wealth tax and union empowerment. The total investment in the initiative has already reached $40 million, which emphasizes the seriousness of market participants' intentions to protect their interests and influence the state's legislative processes.Among the investors are founders and CEOs of leading cryptocurrency companies, who fear that the new fiscal measures may lead to capital outflow and reduce the investment attractiveness of the region. In their opinion, the introduction of a wealth tax could affect not only owners of digital assets, but also a wide range of technology entrepreneurs, which would negatively affect the economic dynamics of California.The campaign is funding informational projects, analytical research and lobbying initiatives aimed at explaining the potential consequences of new tax and labor reforms. Analysts estimate that such measures could affect more than 10,000 wealthy residents of the state and lead to job losses in the technology sector.Crypto investors emphasize the importance of maintaining California's competitiveness against the backdrop of tightening tax policies in other US states and countries. More public debate and further expansion of campaign funding is expected in the coming months.
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