Crypto super PAC Fairshake just lost a billionaire Dem donor: Report

Jesse Coghlan3 hours agoCrypto super PAC Fairshake just lost a billionaire Dem donor: ReportTop Democratic Party donor Ron Conway has split from pro-crypto Fairshake PAC after it pledged to back a Republican candidate without his knowledge.922 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe crypto-aligned super political action committee (PAC) Fairshake has reportedly lost support from the billionaire top Democrat donor Ron Conway after it pledged to spend millions to unseat Democratic Ohio Senator Sherrod Brown.

Conway — a venture capitalist who donated $500,000 to Fairshake — said in an email to other donors that the PAC didn’t inform him it was spending $12 million to back Brown’s Republican challenger Bernie Moreno in this year’s elections, POLITICO reported on Aug. 19.

“$12M to Brown’s opponent at a time when Sen Schumer is doing his best to get a bill passed in the Senate in the lame duck,” Conway wrote in the Aug. 14 email, referring to Senator Chuck Schumer.

Schumer is the leader of the Democratic majority in the Senate who has pledged to pass by the end of the year if Kamala Harris is elected president.Schumer speaking at an event organized by an advocacy group aiming to bring pro-crypto policies to Harris’ campaign. Source: Crypto4Harris

“NOT ONE PERSON BOTHERED TO GIVE ME A HEADS UP THAT YOU WERE DOINIG [sic] THIS,” Conway wrote.

He added it was “a ‘slap in the face’” to himself and Schumer as he was meeting the Senator in San Francisco the next day, adding, “How short-sighted and stupid can you possibly be?”

“Because of your selfish hidden agendas it is time for us to separate,” Conway said, adding he would no longer associate or help the super PAC. 

OpenSecrets data shows Fairshake has seen tens of millions of dollars in backing from some of the United States crypto industry’s largest players, including Ripple, Coinbase, its CEO Brian Armstrong and Andreessen Horowitz founders Marc Andreessen and Ben Horowitz.

Related:‘I expect to see no mention of Bitcoin’ — MARA CEO on Harris’ platform

In his email, Conway claimed there were two factions, “a moderate faction and a Donald Trump faction,” directly naming Armstrong and Andreessen as being in the latter camp.

He added that despite Fairshake planning to support the same number of Democrats and Republicans running for Congress, a majority of the Republicans the PAC is supporting are in “must-win districts for Dems if they have any chance of taking back the House.”

“You do this after the Dems HANDED you the FIT 21 Victory just a few mos ago in May,” Conway said in reference to the Republican-led Financial Innovation and Technology for the 21st Century Act (FIT21), which passed the House with 71 Democrats voting in favor.

Fairshake PAC did not immediately respond to Cointelegraph’s request for comment.

Conway’s exit comes as the crypto industry is spending millions of dollars to support candidates who will support it in Congress and attack those who have pledged to back laws it deems unfavorable to the space.

Magazine:Crypto exposes sudden rift among Democrats months ahead of election# Politics# United States# Elections# RegulationAdd reaction