Ripple Opposes California Billionaire Tax Proposal

Ripple Labs and its co-founder Chris Larsen have joined the growing list of opponents to California's proposed billionaire tax. The company has contributed $5 million each to Golden State Promise, a political action committee formed to oppose the measure.

The proposed tax would impose a one-time 5% levy on residents worth over $1 billion as of January 2026. The revenue generated from the tax would be directed mainly towards public healthcare services, with a smaller share allocated for education and food aid.

Oponents of the tax argue that it could push wealthy residents and founders to move out of California, citing concerns about tax burden, asset valuation, and the state's business climate. The proposal has sparked a wider debate in the tech and crypto sector, with companies like Coinbase, Kraken, and Solana Labs also speaking out against the measure.