Ron Conway, a high-profile Democratic donor, has cut associations with the Fairshake PAC, a political action committee (PAC) that supports pro-crypto policies. Conway made this decision after the PAC controversially backed a republican candidate in a key Senate race.
PAC bypasses Conway on its unexpected political endorsement
In an email to other donors, Conway, who had previously donated $500,000 to Fairshake, expressed his discontent after learning that PAC pledged $12 million to support Bernie Moreno, the Republican challenger to Democratic Ohio Senator Sherrod Brown.
“Because of your selfish, hidden agendas, it is time for us to separate. I will no longer associate with or help the super PAC.”
Conway
Additionally, Conway noted that PAC jeopardizes the efforts of Senate Majority Leader Chuck Schumer, who is working to advance pro-crypto legislation. He said that $12 million to Brown’s opponent at a time when Senator Schumer is doing his best to get a bill passed in the Senate in the lame duck.
Conway reveals internal divisions and strategic concerns
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.”
According to Conway, PAC did this after the Democrats handed it the FIT 21 Victory just a few months ago. He said this 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 has bigger donors
Despite Conway’s decision to withdraw support, Fairshake, one of the largest super PACs in the U.S., may not be significantly impacted. Major donors such as Coinbase, Ripple, and Andreessen Horowitz remain some of PAC’s largest contributors for the 2024 elections.
According to data from Open Secrets, the three companies and their staff have donated about $136 million to Fairshake. This figure is about 84% of almost $162 million in contributions sent through June to the PAC, a political action committee that can raise unlimited funds to spend indirectly on political campaigns. Fairshake PAC has not yet commented on Conway’s exit.
