Crypto Billionaires Deploy $40M to Fight California Wealth Tax

Two prominent figures from the cryptocurrency and venture capital sectors — Ripple co‑founder Chris Larsen and investor Tim Draper — are backing a new political effort called Grow California with roughly $40 million to counter proposals for a California wealth tax and reduce organized labor’s influence in state politics ^[2][4].

The initiative will focus on supporting moderate, business‑oriented legislative candidates and otherwise challenging union‑backed measures, aiming to reshape the balance of power in Sacramento through sizable political spending ^[3][2].

Reporting describes the move as a significant infusion of crypto and VC donor money into California legislative politics and frames Grow California as the vehicle for this coordinated effort to block wealth‑tax proposals and counter organized labor’s longstanding influence ^[1][3].

The campaign represents a concentrated, well‑funded push by wealthy crypto and venture capital backers to influence state policy and elections in California, centered on opposing a proposed wealth tax and supporting moderate lawmakers ^[2][3].