

Adam Bee
601 posts

@beedog22
CFO / Business Development. Love my family, sports, exercise, and Cleveland.















After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written. There are too many issues, including: - A defacto ban on tokenized equities - DeFi prohibitions, giving the government unlimited access to your financial records and removing your right to privacy - Erosion of the CFTC’s authority, stifling innovation and making it subservient to the SEC - Draft amendments that would kill rewards on stablecoins, allowing banks to ban their competition We appreciate all the hard work by members of the Senate to reach a bi-partisan outcome, but this version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft. We'll keep fighting for all Americans and for economic freedom. Crypto needs to be treated on a level playing field with the rest of financial services so we can build this industry in a safe and trusted way in America.

My district is $18 trillion, nearly 1/3 of US stock market in a 50 mile radius. We have 5 companies with a market cap over a trillion dollar companies. If I can stand up for a billionaire tax, this is not a hard position for 434 other members or 100 Senators. Those saying that we wouldn't have a future NVIDIA in the Bay if this tax goes into effect are glossing over Silicon Valley history. Jensen was at LSI Logic and his co-founders at Sun. He started NVIDIA in my district because of the semiconductor talent, Stanford, innovation networks, and venture funding. We have 37 times the VC money as Austin given the innovation ecosystem & Florida isn't even on the map. Jensen wasn't thinking I won't start this company because I may have to one day pay a 1 percent tax on my billions. He built here because the talent is here. AI was created with our tax dollars. ImageNet was created by Fei-Fei Li at Stanford using NSF money. This was a visual database. Hinton presented at an ImageNet conference his famous paper. The seminal innovation in tech is done by thousands often with public funds. NSF, DARPA, Stanford, Berkley, San Jose State, Santa Clara and the UCs are the foundation for what has made Silicon Valley a powerhouse. It's why we won 5 Nobel Prizes this year in the UC system. Yes, we need entrepreneurs to commercialize disruptive innovation. Stanford blazed a trail in licensing technology & partnering with the private sector. The university enabled companies like Google which began as a research project called BackRub, looking at back links to rank pages. And entrepreneurs like Brin & Page reap huge rewards when they succeed. But the idea that they would not start companies to make billions, or take advantage of an innovation cluster, if there is a 1-2 percent tax on their staggering wealth defies common sense and economic theory @paulkrugman @DAcemogluMIT @baselinescene. We cannot have a nation with extreme concentration of wealth in a few places but where 70 percent of Americans believe the American dream is dead and healthcare, childcare, housing, education is unaffordable. What will stifle American innovation, what will make us fall behind China, is if we see further political dysfunction and social unrest, if we fail to cultivate the talent in every American and in every city and town. The industrial revolution saw soaring inequality in Britain for nearly 60 years. On the continent, it lead to revolutions in France with worker uprisings (1848) and contributed to one in Russia (1917). America's central challenge is to make sure the AI revolution works for all of us, not just tech billionaires. So yes a billionaire tax is good for American innovation which depends on a strong and thriving American democracy.


NEWS: Larry Page and Peter Thiel are making moves to leave California by the end of the year to avoid a possible billionaires tax that could hit them where it hurts. With @RMac18 + @hknightsf. nytimes.com/2025/12/26/tec…