‘Short-sighted and stupid’: Dem megadonor withdraws support from crypto super PACs
The division highlights the escalating friction in the industry as Republicans and Democrats compete for billions of dollars at stake for the upcoming election.
TroibNews 
Prominent Democratic donor Ron Conway has decided to disengage from a prominent group of cryptocurrency super PACs following their decision to allocate $12 million against Sen. Sherrod Brown (D-Ohio) without his knowledge.
Conway, who contributed $500,000 to one of these PACs last December, expressed his frustration over the decision, which he believes could jeopardize the progress of cryptocurrency-friendly laws in Congress by estranging Democratic representatives.
The effort to gain support from Democratic officials for digital assets has intensified, especially after a House bill backed by the industry received surprising bipartisan approval. Senate Majority Leader Chuck Schumer expressed last month to PMG his intentions to propose a similar revamp of cryptocurrency regulations before year's end.
"$12M to [Sherrod] 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 an email, as reported by PMG. "You all know that is 'slap in the face' to Sen Schumer And a 'slap in the face' to me when you know Im meeting him in SF tomorrow. How short sighted and stupid can you possibly be?"
"NOT ONE PERSON BOTHERED TO GIVE ME A HEADS UP THAT YOU WERE DOINIG [sic] THIS," Conway's disappointment continued in an email to key members of the Fairshake network, including leaders from Coinbase, Ripple, and Andreessen Horowitz. "Im the one using my 25+ year old personal relationships to help this movement the most significantly and not one person bothered to inform me. Sadly, I'm even a donor to Fair Shake."
Following these developments, Conway announced his withdrawal of support from 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 I [sic] no longer compromise myself by associating or helping."
His departure highlights the increasing divisions within the crypto sector as both major U.S. parties vie to dominate the cryptocurrency debate with significant financial stakes in the upcoming November election.
"There is an 'elephant in the room,'" Conway pointed out. "We have two factions: a moderate faction and a Donald Trump faction (Brian and Marc)."
Conway has previously worked to connect Democratic lawmakers and leaders in the cryptocurrency space, such as Coinbase's CEO. His own firm, SV Angel, has invested in companies like Coinbase.
He criticized Fairshake's strategy of supporting an equal mix of Democratic and Republican candidates, noting 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."
"You do this after the Dems HANDED you the FIT 21 Victory just a few mos ago in May," Conway lamented, referencing the bipartisan support from 71 House Democrats that helped pass significant legislation. "Short term memories you have!"
Neither Conway nor Fairshake provided comments on the matter when approached.
This story also included contributions from Jasper Goodman and Declan Harty.
Camille Lefevre for TROIB News
Conway, who contributed $500,000 to one of these PACs last December, expressed his frustration over the decision, which he believes could jeopardize the progress of cryptocurrency-friendly laws in Congress by estranging Democratic representatives.
The effort to gain support from Democratic officials for digital assets has intensified, especially after a House bill backed by the industry received surprising bipartisan approval. Senate Majority Leader Chuck Schumer expressed last month to PMG his intentions to propose a similar revamp of cryptocurrency regulations before year's end.
"$12M to [Sherrod] 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 an email, as reported by PMG. "You all know that is 'slap in the face' to Sen Schumer And a 'slap in the face' to me when you know Im meeting him in SF tomorrow. How short sighted and stupid can you possibly be?"
"NOT ONE PERSON BOTHERED TO GIVE ME A HEADS UP THAT YOU WERE DOINIG [sic] THIS," Conway's disappointment continued in an email to key members of the Fairshake network, including leaders from Coinbase, Ripple, and Andreessen Horowitz. "Im the one using my 25+ year old personal relationships to help this movement the most significantly and not one person bothered to inform me. Sadly, I'm even a donor to Fair Shake."
Following these developments, Conway announced his withdrawal of support from 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 I [sic] no longer compromise myself by associating or helping."
His departure highlights the increasing divisions within the crypto sector as both major U.S. parties vie to dominate the cryptocurrency debate with significant financial stakes in the upcoming November election.
"There is an 'elephant in the room,'" Conway pointed out. "We have two factions: a moderate faction and a Donald Trump faction (Brian and Marc)."
Conway has previously worked to connect Democratic lawmakers and leaders in the cryptocurrency space, such as Coinbase's CEO. His own firm, SV Angel, has invested in companies like Coinbase.
He criticized Fairshake's strategy of supporting an equal mix of Democratic and Republican candidates, noting 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."
"You do this after the Dems HANDED you the FIT 21 Victory just a few mos ago in May," Conway lamented, referencing the bipartisan support from 71 House Democrats that helped pass significant legislation. "Short term memories you have!"
Neither Conway nor Fairshake provided comments on the matter when approached.
This story also included contributions from Jasper Goodman and Declan Harty.
Camille Lefevre for TROIB News
