The post Ripple Spends Millions to Oppose California Billionaire Tax Proposal appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ March 21, 2026 8:23 am