Crypto billionaires back new push to reshape California politics

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Two prominent figures from the crypto and tech world are preparing to spend tens of millions of dollars to influence California’s state Legislature, backing moderate, business-friendly candidates and challenging the political power of labor unions.

The effort operates under a new banner, Grow California, and is backed by Ripple co-founder Chris Larsen and venture capitalist Tim Draper, according to reporting from The New York Times. Both are longtime political donors with deep Silicon Valley ties.

Larsen and Draper each seeded the initiative with $5 million last September, and Grow California says it has since lined up about $40 million in commitments through affiliated political groups. Larsen has indicated he could personally contribute up to $30 million over multiple election cycles.

The push comes as tech donors grow increasingly concerned about a proposed California wealth tax, supported by a healthcare union, that would tax the assets of the state’s wealthiest residents. While Grow California was formed before the proposal emerged, the tax has become a major rallying point for the group.

[johnblockbuster]

imagine being a voter and realizing your election is partly funded by people who made billions off crypto, weird flex