Crypto billionaires Chris Larsen and Tim Draper are investing tens of millions into California politics through a new group, Grow California. Aiming to build a “counterforce” to labor unions, the initiative will support moderate, business-friendly state legislative candidates. The move aligns with broader crypto industry political efforts, as federal super PACs amass large warchests ahead of the 2026 elections.
Two high-profile crypto figures are preparing to pour tens of millions of dollars into California politics. Their effort aims to reshape the state Legislature by backing moderate, business-friendly candidates and countering the influence of labor unions.
The group, operating under the banner of Grow California, is backed by Chris Larsen, co-founder of Ripple, and venture capitalist Tim Draper. Larsen reportedly stated, “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.”
The move comes as Silicon Valley donors grow alarmed by a proposed California wealth tax backed by a healthcare union. While Larsen and Draper say Grow California was seeded before this proposal, the tax has become a clear rallying point.
Campaign finance filings show Larsen and Draper each contributed $5 million to launch the group last September. Grow California now claims to have secured roughly $40 million in commitments across different entities.
The group plans to focus its resources on a limited number of state legislative contests. It will stay out of the 2026 gubernatorial race and avoid costly ballot proposition campaigns.
Separately, crypto-funded federal PACs are ramping up for the 2026 US midterm elections. Industry-backed groups plan to expand their political influence by backing candidates supportive of crypto and opposing those seen as hostile.
On Wednesday, Fairshake disclosed it is holding $193 million in cash, boosted by contributions from Ripple Labs, Andreessen Horowitz and Coinbase. The group spent over $130 million on media buys during the 2024 federal elections and intends to remain active.
