Ripple Spends Millions to Oppose California Billionaire Tax Proposal

• Ripple and Chris Larsen gave $10 million to Golden State Promise to oppose California’s billionaire tax proposal.
• The measure would impose a one-time 5% tax on California’s billionaire residents worth over $1 billion as of Jan. 1, 2026.
• Under the proposal, 90% of the tax revenue would go to public health, with the rest for education and food aid.

Ripple has committed millions of dollars to fight a proposed California billionaire tax, placing the crypto company at the center of a growing political dispute in the state. The campaign also includes support from Ripple co-founder Chris Larsen, who has joined efforts to stop the measure before it reaches voters.

The proposal, called the 2026 Billionaire Tax Act, would apply a one-time 5% tax on the net worth of billionaires living in California on Jan. 1, 2026. If voters approve it, the tax would be collected in 2027. Supporters say the money would fund public health, education, and food assistance.

Ripple and Larsen Fund Opposition Campaign

Ripple Labs and Chris Larsen have each given $5 million to Golden State Promise, a political action committee formed to oppose the California billionaire tax proposal. Their combined $10 million has added new weight to the campaign against the measure.

The donations place Ripple among the best-known companies resisting the plan. California is home to many crypto firms, including Coinbase, Kraken, Solana Labs, OpenSea, and Chainlink Labs. 

What the California Billionaire Tax Would Do

The tax proposal would target residents with net assets of at least $1 billion as of Jan. 1, 2026. It would be a one-time levy, not a yearly tax. Revenue from the plan would be directed mainly to public healthcare services, with a smaller share set aside for education and food aid.

Backers of the measure argue that the tax would raise billions of dollars for programs that serve low-income communities. Opponents say the proposal could push wealthy residents and founders to move out of California. They also point to the challenge of valuing private company shares and other hard-to-price assets.

The proposal would need to qualify for the November ballot before voters can decide on it. If approved, the tax would be due the next year. 

Wider Pushback From The Tech and Crypto Sector

Ripple’s stance comes as more figures in technology and crypto speak against the tax proposal. Reports have linked criticism of the measure to people such as Kraken founder Jesse Powell and other wealthy tech leaders. Their objections focus on tax burden, asset valuation, and California’s business climate.

Golden State Promise is expected to use large donations for advertising, outreach, and voter messaging as debate over the tax continues. The committee’s activity shows that the dispute has moved beyond policy talk and into a wider public campaign over how California should tax extreme wealth.

For Ripple, the issue goes beyond politics and enters the debate over how states treat top executives, investors, and fast-growing companies. With Ripple spending millions to oppose California’s billionaire tax, the proposal is likely to remain under close watch as the 2026 vote approaches.

Related: Crypto Leaders Oppose California’s 2026 Billionaire Tax Act