According to Cointelegraph: Billionaire Democratic donor Ron Conway has reportedly severed ties with the pro-crypto super political action committee (PAC) Fairshake after the organization pledged to spend millions backing a Republican candidate without his prior knowledge. According to an August 19 report from POLITICO, Conway, a prominent venture capitalist, expressed his discontent in an email to other donors after discovering that Fairshake had committed $12 million to support Republican Bernie Moreno in his bid to unseat Democratic Ohio Senator Sherrod Brown.
Conway, who had donated $500,000 to Fairshake, emphasized that he was not informed about the PAC’s decision to fund Brown’s opponent. In his email, he labeled the move as a "slap in the face" to both himself and Senate Majority Leader Chuck Schumer, with whom he was scheduled to meet shortly after learning of the PAC’s actions.
Conway criticized Fairshake's leadership, accusing them of acting with "selfish hidden agendas" and expressing frustration over the potential impact on the Democratic Party's chances in upcoming elections. He noted that while the PAC intended to support candidates from both parties, many of the Republicans it backed were running in key districts that Democrats need to win to regain control of the House.
In response to this controversy, Conway announced his decision to disassociate from Fairshake, stating that he would no longer offer support to the PAC. This development highlights the growing tension within the crypto industry as it increasingly involves itself in political campaigns, particularly those concerning candidates who could influence the future of cryptocurrency regulation.
Fairshake has received substantial backing from major players in the U.S. crypto industry, including Ripple, Coinbase, and venture capital firms Andreessen Horowitz and its founders. The PAC’s recent actions and the subsequent fallout with Conway underscore the complex dynamics at play as the crypto industry seeks to shape its future through political engagement.
