Ripple co-founder and Tim Draper launched the crypto PAC Grow California, raising $40 million in preparation for the midterm elections

According to Cointelegraph, Grow California, co-founded by Ripple co-founder Chris Larsen and Bitcoin supporter and venture capitalist Tim Draper, has disclosed that it has received approximately $40 million in donation commitments for an independent expenditure committee and related nonprofit entities to combat California's wealth tax and union power. Chris Larsen is expected to contribute up to $30 million of his own funds over multiple election cycles.

Industry observers note that crypto-backed political action committees (PACs) are gearing up for the 2026 U.S. midterm elections to expand the industry's influence. Fairshake disclosed on Wednesday that its cash reserves have reached $193 million, funded by crypto institutions such as Ripple Labs, Andreessen Horowitz, and Coinbase.