Ripple Co-founder's $40M Political Push to Elect Moderate Legislators in California

Chris Larsen, Ripple’s co-founder, alongside venture capitalist Tim Draper, has unveiled an ambitious $40 million initiative called Grow California. The effort centers on electing moderate lawmakers who can counterbalance California’s proposed 5% wealth tax—a policy targeting net worth exceeding $1 billion, including unrealized assets.

Political Catalyst: The Wealth Tax Challenge

The proposed wealth tax has become a flashpoint within California’s political and business landscape. With the threshold set at $1 billion in net worth and extending to unrealized gains, the policy poses significant implications for ultra-high-net-worth individuals and tech entrepreneurs concentrated in Silicon Valley. This aggressive tax proposal has prompted swift mobilization across the technology and blockchain sectors, as industry leaders seek to influence forthcoming electoral outcomes.

Strategic Election Initiative

Grow California’s core mission is to elect centrist representatives capable of resisting or modifying the wealth tax proposal. By directing substantial resources toward targeted legislative races, the initiative attempts to reshape California’s political composition. The campaign reflects broader concerns within tech and crypto communities about wealth taxation and regulatory burden on innovation-driven industries.

Broader Context: Regulation and Tax Reform

This initiative emerges during an intensified period of cryptocurrency regulation in California, coupled with divergent tax reform approaches across global markets. The convergence of heightened regulatory scrutiny and proposed wealth taxation has catalyzed unprecedented political engagement from the tech and crypto sectors. Industry stakeholders view the upcoming elections as critical for preserving favorable business conditions and limiting additional tax obligations.