Ripple co-founder Chris Larsen and venture capitalist Tim Draper are backing Grow California, a new political advocacy effort formed to oppose union-backed wealth tax proposals in the state. The initiative is launching with an estimated $40 million in funding.
Crypto and VC leaders back Grow California
Larsen, a co-founder and executive at blockchain company Ripple, and Draper, a long-time Silicon Valley investor and early Bitcoin backer, are among the prominent supporters of Grow California. The group positions itself as a counterweight to efforts seeking to impose wealth taxes on high-net-worth residents.
Focus on wealth tax proposals
Wealth tax measures, which aim to levy taxes on an individual’s net worth rather than income, have been floated in California in recent legislative sessions with support from labor and progressive organizations. Grow California says it will work to oppose such proposals, arguing they could hinder the state’s competitiveness and drive investment and talent elsewhere.
Why it matters
California remains a key hub for technology and digital asset companies, including major crypto firms and investors. Tax and regulatory policies that affect high-income individuals and entrepreneurs can influence business formation, capital allocation, and residency decisions—factors closely watched by the state’s tech and crypto sectors.
What’s next
With significant initial funding, Grow California is expected to engage in policy advocacy and campaign activity as wealth tax proposals return to debate in upcoming legislative sessions and potential ballot initiatives.