3 months ago
24 ARTICLE AD
Fairshake, a prominent crypto-focused political action committee (PAC), recently faced a significant setback as billionaire Democratic donor Ron Conway reportedly withdrew his support due to stark disagreements over the committee’s recent decisions.
Conway’s decision to cut ties with Fairshake stemmed from the PAC’s choice to allocate a large sum of money in an effort to unseat Democratic Ohio Senator Sherrod Brown in the upcoming November elections. Conway, who had contributed $500,000 to Fairshake, had believed the PAC would focus on promoting the U.S. as a hub for innovation and technology, particularly in the crypto industry.
According to a report by POLITICO, Fairshake did not inform Conway of its plans to spend approximately $12 million to back Bernie Moreno, the Republican challenger to Brown. Conway expressed his frustration in an email to other donors, stating:
“I’m the one using my 25+ years of personal relationships to help this movement, and not one person bothered to inform me. Sadly, I’m even a donor to Fairshake.”
This lack of transparency left Conway bitter. He described the PAC’s actions as a “slap in the face” to both him and Senate Majority Leader Chuck Schumer, who was working to push pro-crypto legislation forward. The timing exacerbated Conway’s frustration, as he was set to meet with Schumer in San Francisco the very next day. “How short-sighted and stupid can you possibly be?” Conway vented in the email. He went on to criticize what he saw as the PAC’s “selfish hidden agendas,” making it clear that he would no longer associate with or support Fairshake.
Conway’s email also pointed to a growing internal rift within Fairshake, suggesting the PAC had veered off course and split into two factions: a moderate faction and a faction he referred to as the “Donald Trump faction.”
“There’s an elephant in the room. We have two factions: a moderate faction and a Donald Trump faction (Brian and Marc),” Conway wrote, referring to Brian Armstrong, CEO of Coinbase, and Marc Andreessen, co-founder of Andreessen Horowitz.
The billionaire venture capitalist further criticized the PAC for planning to support Republican candidates in districts critical for Democrats in their efforts to regain control of the House.
His dissatisfaction was further fueled by recent legislative developments. He mentioned that Democrats had recently secured a significant win for the crypto industry with the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House. Despite being introduced by Republicans, the bill gained substantial Democratic support, with 71 Democrats voting in favor.
Conway’s email hinted that he saw the PAC’s actions as a betrayal, especially after Democrats had played a key role in delivering a victory for the crypto industry.
