California's so-called billionaire tax keeps getting framed as the silver bullet for revenue problems, but dig deeper and the cracks show fast. The policy's underlying mechanics don't actually solve what it promises to tackle—instead, it creates new friction points for wealth mobility and capital allocation strategies. For those operating in crypto and digital asset space, this kind of regulatory posturing matters because it shapes how institutional money moves, where it parks, and ultimately, which jurisdictions stay competitive. Worth watching how this plays out.