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Ripple and its co-founder each donate $5 million to oppose California's proposed wealth tax

Ripple and its co-founder each donate $5 million to oppose California's proposed wealth tax

2026-03-20 20:35

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ChainThink report, March 20: According to TheStreet, Ripple and its co-founder and Executive Chairman Chris Larsen each donated $5 million to the political action committee Golden State Promise to oppose California’s “2026 Billionaire Tax Act.” The proposal mandates that billionaires residing in California as of January 1, 2026, pay a one-time 5% wealth tax, with 90% of the revenue allocated to public healthcare.


Kraken co-founder Jesse Powell criticized the proposal as a “5% theft of unrealized gains.” In response to this tax policy, several billionaires—including Google founders Larry Page and Sergey Brin, and investor Peter Thiel—have chosen to relocate out of California.

Disclaimer: Contains third-party opinions, does not constitute financial advice

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