Summary
- Leading figures in the US crypto industry reportedly poured tens of millions of dollars into an effort to influence California’s political landscape.
- Ripple co-founder Chris Larsen and venture capitalist Tim Draper reportedly launched the new political group Grow California and moved to back pro-business, centrist candidates.
- Grow California said it has secured funding commitments of about $40 million and opposes a proposed wealth tax backed by a California healthcare union.
Forecast Trend Report by Period
Leading figures in the US crypto industry have reportedly poured tens of millions of dollars into an effort to shape California’s political landscape.
On the 31st (KST), Cointelegraph reported that Ripple co-founder Chris Larsen and venture capitalist Tim Draper have launched a new political group, “Grow California,” and are backing pro-business, centrist candidates.
Grow California was established with initial donations of $5 million each from Larsen and Draper, totaling $10 million, and has so far secured funding commitments of about $40 million through an independent-expenditure committee and affiliated nonprofit groups.
Grow California is positioned as a counterweight to organized labor’s influence in California politics. Specifically, it opposes a proposed wealth tax backed by a healthcare union in the state. The proposal would impose additional taxes on high-net-worth individuals in California.
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