U.S. cryptocurrency czar David Sacks refuted a proposal to impose a 0.01% tax on every cryptocurrency transaction during the *All In Podcast* program. The proposal, put forward by the show’s host Jason Calacanis, advocated taxing the transaction assets themselves to bolster the U.S. strategic Bitcoin reserve and crypto asset inventory. Sacks pointed out, “This is exactly how taxes come into being. The initial income tax only targeted a tiny minority, but later it spread to the middle class.” (Cointelegraph)