Coinbase' last private round valuation was ~8B[1]. On its DPO day, the stock closed at ~340, giving it a valuation of ~80B, or a 10x increase in ~18 months. Options literally skyrocketed and given the time value of options, they would have been worth far more if traded directly vs a simple exercise and sell. How will you design maximum wage laws in a case where something is shooting up 10-15x in value? Rather, what we have today (progressive taxation) seems to be a right setup with some tuning needed to balance the treatment of capital gains vs wages.
Coinbase' last private round valuation was ~8B[1]. On its DPO day, the stock closed at ~340, giving it a valuation of ~80B, or a 10x increase in ~18 months. Options literally skyrocketed and given the time value of options, they would have been worth far more if traded directly vs a simple exercise and sell. How will you design maximum wage laws in a case where something is shooting up 10-15x in value? Rather, what we have today (progressive taxation) seems to be a right setup with some tuning needed to balance the treatment of capital gains vs wages.
[1] https://www.crunchbase.com/funding_round/coinbase-series-f--...