Two prominent figures from the cryptocurrency sector are preparing to inject tens of millions of dollars into California politics to influence legislative outcomes.
The political effort operates under the banner of Grow California, a group positioned as moderate and business friendly.
The initiative is backed by Ripple co-founder Chris Larsen and venture capitalist Tim Draper, according to reports.
Both backers aim to counter the growing influence of labour unions within the California Legislature.
The move reflects rising concern among Silicon Valley donors about policies seen as hostile to wealth creation.
A proposed California wealth tax has become a key flashpoint for the initiative’s supporters.
The proposal, backed by a healthcare union, would tax the assets of the state’s wealthiest residents if approved by voters.
Larsen and Draper have said the group was formed before the wealth tax proposal surfaced, though it has since become a rallying issue.
“The government unions do a great job, but that’s going to clash with a lot of the things that are going to make California successful if there’s no counterforce,”