On March 20, according to TheStreet, Ripple and its co-founder and executive chairman Chris Larsen each donated $5 million to the political action committee Golden State Promise to oppose California's "2026 Billionaire Tax Act." The proposal requires billionaires residing in California as of January 1, 2026, to pay a one-time 5% wealth tax, with 90% of the revenue generated to be used for public healthcare. Kraken co-founder Jesse Powell criticized the proposal as a "5% theft of unrealized gains." Affected by this tax policy, several billionaires, including Google founders Larry Page and Sergey Brin, as well as venture capitalist Peter Thiel, have chosen to leave California.