In this episode of the Crypto Daily Download, we dive into the latest developments in the cryptocurrency and tech sectors. We discuss the proposed billionaire tax on unrealized gains in California, backed by the Service Employees International Union and United Healthcare Workers West. This one-time 5% tax on Californians with assets exceeding $1 billion aims to fund healthcare and public services, but critics warn it could lead to capital flight and compel wealthy individuals to sell assets to cover tax bills. Galaxy Digital CEO Mike Novogratz shares insights on the future of XRP, emphasizing the importance of maintaining its community narrative as competition grows from tokenized real-world assets. We also explore the impact of Bitcoin’s recent 30% decline from its all-time high, which is driving increased tax-loss harvesting among cryptocurrency holders. This practice allows investors to sell assets at a loss to offset taxable income, with unique advantages for crypto transactions. Lastly, we cover the early release of Caroline Ellison, the former associate of FTX’s Sam Bankman-Fried, who is set to be freed from federal prison after serving 15 months of her two-year sentence. Jane King with the latest from the NYSE.
