SEO news: Billionaire VC Ron Conway Parts Ways with crypto PAC Fairshake

Schumer’s crypto Legislation Goal Collides with Fairshake’s $12M Political Move

Billionaire venture capitalist Ron Conway recently cut ties with Fairshake, a crypto-focused political action committee, after it announced a massive $12 million advertising campaign to support Republican candidate Bernie Moreno in the 2024 elections, according to reports. Conway, who had previously donated $500,000 to Fairshake, expressed concerns that this move could alienate Democrats and potentially jeopardize pro-crypto legislation in Congress.

Fairshake did not respond to requests for comments at the time of this report.

Ron Conway Calls Out Fairshake Supporters, Halts Support Over Lack of Transparency

Following his withdrawal from Fairshake, Conway criticized the PAC’s lack of transparency and communication with its supporters. Notably, Fairshake’s backers include prominent figures in the crypto industry such as Coinbase CEO Brian Armstrong, Ripple’s Brad Garlinghouse, and Andreessen Horowitz founders Marc Andreessen and Ben Horowitz.

Conway expressed disappointment that he was not informed in advance about Fairshake’s decision to support Moreno, despite his significant involvement and contributions to the movement. As a result, Conway announced that he would no longer support Fairshake.

Fairshake’s Support for Democrats Angers GOP

The controversy surrounding Fairshake’s political activities extends beyond its support for Bernie Moreno. NBC news reported that the PAC’s financial backing for Democratic Senate candidates has drawn criticism from Republicans, risking its relationship with the GOP despite previous alliances.

This development highlights the ongoing battle for influence and control within the cryptocurrency sector as the upcoming elections draw near.

Conway Rebukes Fairshake’s GOP Support

In response to Fairshake’s alignment with Republican candidates, Conway emphasized the importance of maintaining bipartisan relationships in the industry. He pointed out that while Fairshake aims to support both parties equally, its backing of Republican contenders in critical Democratic districts could shift the balance of power.

Conway underscored the significance of the Democrats’ support for the bipartisan bill earlier this year, cautioning against overlooking past alliances and strategic decisions.