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Renowned Democratic donor and tech venture capitalist Ron Conway has reportedly distanced himself from the influential crypto super political action committee (PAC) Fairshake. This decision comes after the PAC committed $12 million to unseat Sen. Sherrod Brown (D-Ohio) in favor of his Republican opponent, Bernie Moreno, without Conway’s prior knowledge or consent.
Conway donated $500,000 to Fairshake in December. As of June, Fairshake had amassed a substantial war chest, with around $203 million raised for the 2023-2024 election cycle. The decision to back Moreno, however, seems to have driven a wedge between Conway and the PAC.
Convoy Expresses Dissatisfaction
In an email sent to fellow donors, Conway expressed his deep dissatisfaction with Fairshake’s move, describing it as a “slap in the face” to both himself and Senate Majority Leader Chuck Schumer.
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According to a report by POLITICO on August 19, Conway was particularly dismayed that the PAC had made such a significant financial commitment without informing him, especially as the Democratic Party is working to pass crypto-friendly legislation in Congress.
Conway further elaborated on the timing, stating that he was scheduled to meet with Schumer in San Francisco the day after learning about Fairshake’s pledge.
Background
Schumer, who recently spoke at a Crypto4Harris town hall meeting, emphasized his commitment to passing balanced crypto regulation legislation by the end of the year. His goal is to foster innovation while implementing common-sense regulations to safeguard the industry and its participants.
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Conway’s email highlighted his frustration with Fairshake’s lack of communication, as he stated, “NOT ONE PERSON BOTHERED TO GIVE ME A HEADS UP THAT YOU WERE DOING THIS.”
The venture capitalist made it clear in his email that he would no longer associate with or support Fairshake, citing the PAC’s “selfish hidden agendas” as the reason for his departure.
Massive Backing to Fairshake
According to OpenSecrets data, Fairshake has received tens of millions of dollars in backing from key figures in the U.S. crypto industry, including Coinbase CEO Brian Armstrong and Andreessen Horowitz founders Marc Andreessen and Ben Horowitz.
In May, a16z crypto venture fund announced a $25 million donation to Fairshake and its affiliated PACs. Around the same time, Ripple Labs also revealed its own $25 million contribution.
