Two high-profile crypto figures, Chris Larsen and Tim Draper, are investing tens of millions in California politics to support moderate, business-friendly candidates and counter labor unions. They launched Grow California with $10 million each, aiming to reshape the state Legislature. Larsen plans to contribute up to $30 million over multiple election cycles.

California Democrats dominate legislative seats, but Grow California seeks to challenge this by focusing resources on select state legislative races. The group aims to stay out of the 2026 gubernatorial race and avoid costly ballot proposition campaigns. Larsen, with a net worth of nearly $15 billion, believes unions and special interests overly influence California politics.

Crypto-funded PACs are gearing up for the 2026 US midterms, with industry-backed groups planning to increase political influence. Fairshake, a crypto-backed PAC, disclosed holding $193 million in cash, bolstered by contributions from Ripple Labs, Andreessen Horowitz, and Coinbase. The group spent over $130 million on media buys during the 2024 federal elections and intends to remain active.

Read more at Cointelegraph: Crypto Billionaires Target California Wealth Tax With $40M Political Push