Prominent Democratic donor Ron Conway has announced his decision to sever ties with a coalition of influential cryptocurrency super PACs after they committed $12 million to opposing Sen. Sherrod Brown (D-Ohio), a move that Conway claims he was not informed about in advance.
What Happened: Conway, a tech billionaire who contributed $500,000 to one of the PACs last December, expressed his frustration over the pledge, arguing that it could jeopardize ongoing efforts to pass crypto-friendly legislation in Congress by alienating key Democratic lawmakers.
“This $12M to [Sherrod] Brown’s opponent comes at a time when Sen Schumer (D-NY) is doing his best to get a bill passed in the Senate,” Conway wrote in an email to several associated donors, Politico reported. “You all know that is ‘slap in the face’ to Sen Schumer And a ‘slap in the face’ to me.”
In his email, Conway criticized his allies within the network, known as Fairshake, which includes prominent figures like Coinbase Inc. COIN CEO Brian Armstrong, Ripple XRP/USD CEO Brad Garlinghouse and Andreessen Horowitz founders Marc Andreessen and Ben Horowitz.
“NOT ONE PERSON BOTHERED TO GIVE ME A HEADS UP THAT YOU WERE DOING THIS,” he wrote, adding that he had been using his “25+ year old personal relationships” to advance the crypto movement. “Sadly, I’m even a donor to Fair Shake.”
Conway’s frustration led him to declare the end of his support for the group. “Because of your selfish hidden agendas, it is time for us to separate,” he stated. “This is a wake up call to myself that I have been working too long with people who do not share common values and that is unacceptable. … I will no longer compromise myself by associating or helping.”
He further highlighted the division within the group, noting, “We have two factions: a moderate faction and a Donald Trump faction (Brian and Marc).”
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Conway has previously worked closely with Democratic lawmakers, often alongside Coinbase’s Armstrong.
His venture capital firm, SV Angel, has also invested in Coinbase.
Despite Fairshake’s plans to support both Democrats and Republicans in upcoming elections, Conway pointed out that “6 of 9 Republicans they are supporting are in truly must-win districts for Dems if they have any chance of taking back the House.”
He also reminded the group of the recent victory in May, where 71 House Democrats helped pass bipartisan legislation favorable to the cryptocurrency industry.
“You do this after the Dems HANDED you the FIT 21 Victory just a few months ago in May,” he wrote, criticizing their short-term memory.
Requests for comment from Conway and Fairshake were declined. The spat comes amid rumors that Vice President Kamala Harris may consider SEC Chair Gary Gensler as Treasury Secretary. The Democratic party has omitted cryptocurrency from its platform.
What Happened: As tensions rise within the pro-crypto community, the upcoming Benzinga Future of Digital Assets event on Nov. 19 could provide a timely platform for industry leaders and policymakers to discuss the implications of these internal divisions and the broader impact on the future of digital asset legislation.
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