Political Initiative by Ripple Co-Founder Larsen Aims to Counter California's Wealth Tax

Billionaire wealth tax proposals in California have triggered significant mobilization within the technology and crypto sectors. Ripple co-founder Chris Larsen and renowned venture capitalist Tim Draper have jointly launched Grow California, a $40 million political campaign that aims to elect moderate legislators positioned to resist the state’s controversial 5% wealth tax policy. This tax proposal targets individuals with net worth exceeding $1 billion and includes unrealized gains in its calculations, creating substantial concern among high-net-worth tech entrepreneurs and investors.

The initiative reflects broader tensions between Silicon Valley’s crypto ecosystem and increasingly stringent regulatory measures. As California considers implementing one of the nation’s most aggressive wealth taxation frameworks, the combined efforts of Larsen and Draper aim to reshape the legislative landscape through targeted candidate support. Industry observers note this mobilization represents a critical moment for how crypto-native leaders engage with traditional political processes to protect their financial interests and influence policy outcomes. The campaign’s scale and leadership underscore the high stakes involved in California’s ongoing debate over taxation of extreme wealth.