Grow California Initiative Aims to Elect Moderate Legislators

Ripple co-founder Chris Larsen and venture capitalist Tim Draper have introduced Grow California, a $40 million political initiative. According to NS3.AI, the effort seeks to elect moderate legislators to counter a proposed 5% wealth tax on billionaires. This tax targets net worth exceeding $1 billion, including unrealized gains, prompting significant mobilization within Silicon Valley's crypto and tech sectors. The initiative emerges amid heightened crypto regulation in California and differing global tax reforms elsewhere.