Crypto billionaires deploy $40M to fight California wealth tax and union power

Ripple co-founder Chris Larsen and venture capitalist Tim Draper are backing Grow California, a new political effort aimed at countering union-backed wealth tax proposals.

Two high-profile crypto figures are preparing to pour tens of millions of dollars into California politics, aiming to reshape the state Legislature by backing moderate, business-friendly candidates and countering the influence of labor unions.

The effort, operating under the banner of Grow California, is backed by Chris Larsen, a longtime Democratic donor and co-founder of Ripple, and Tim Draper, a venture capitalist known for his support of Bitcoin (BTC), according to The New York Times.

“The government unions do a great job,” Larsen reportedly told the outlet. “But that’s going to clash with a lot of the things that are going to make California successful if there’s no counterforce,” he added.