Ripple and Larsen donate $10 million to California wealth tax opposition campaign

Ripple Labs and co-founder Chris Larsen each donated $5 million—$10 million combined—to Golden State Promise, the committee opposing California's Proposition 40 wealth tax ballot measure, according to state Fair Political Practices Commission filings updated October 29. The donations come as eight income- and asset-tax-related ballot measures go to voters across five U.S. states alongside the November 4 midterm elections. The contributions reflect the two donors' individual political spending rather than a formal stance by the broader crypto industry, though they underscore growing crypto-sector involvement in state tax policy fights. California's Legislative Analyst's Office has projected the measure would affect high-net-worth residents from 2026, making the outcome relevant to wealthy tech and crypto founders based in the state. Watch for the Proposition 40 vote tally and whether other crypto firms or executives disclose additional contributions to state tax ballot committees.