Ripple co-founders and Tim Draper launched the crypto PAC "Grow California" to raise $40 million in preparation for the midterm elections.

PANews reported on January 31st that, according to Cointelegraph, "Grow California," co-founded by Ripple co-founder Chris Larsen and Bitcoin supporter and venture capitalist Tim Draper, has secured approximately $40 million in donation pledges to support independent spending committees and related nonprofits, and to combat California's wealth tax and union power. Chris Larsen is expected to contribute up to $30 million of his own funds across multiple election cycles. Industry observers point out that crypto-backed political action committees (PACs) are heavily preparing for the 2026 US midterm elections to expand their industry influence. Fairshake disclosed on Wednesday that its cash reserves reached $193 million, funded by crypto institutions such as Ripple Labs, Andreessen Horowitz, and Coinbase.