Coinbase’s Billionaire CEO Says California’s Proposed Wealth Tax Is ‘The Kind Of Thing That Third World Countries Do’ and He May Leave Before New Year’s

The chief executive of the largest U.S. crypto exchange said on live television Thursday that he may leave California before the end of the year. Brian Armstrong, who runs Coinbase (COIN), told CNBC he is "considering all options about relocating out of California before the end of the year," then hedged it immediately: "Nothing to announce yet on that front, but my hope is that cooler heads prevail in California."

Armstrong was reacting to Proposition 40, which California voters decide on Nov. 3.