The crypto-aligned super political action committee (PAC) Fairshake has reportedly lost support from billionaire top Democrat donor Ron Conway after it pledged to spend millions to unseat United States 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 pro-crypto laws by the end of the year and is supporting Vice President Kamala Harris’ presidential campaign.
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 that 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 US crypto industry’s largest players, including Ripple, Coinbase and 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