Ripple and its co-founder Chris Larsen have each contributed $5 million to the Golden State Promise political action committee to oppose California's "2026 Billionaire Tax Act." The proposed legislation seeks to levy a one-time 5% wealth tax on billionaires residing in the state as of January 1, 2026, with the majority of the funds directed towards public healthcare. The tax has faced criticism from industry leaders, including Kraken co-founder Jesse Powell, who labeled it "a 5% theft of unrealized gains." The policy has prompted several billionaires, such as Google founders Larry Page and Sergey Brin, and venture capitalist Peter Thiel, to relocate from California.