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Crypto PAC Fairshake Loses Billionaire Donor’s Backing Following $12M Campaign Against Democratic Senator

20 August 2024
in News
Reading Time: 3 mins read
102 6
Home News

Fairshake, a crypto-aligned super political action committee (PAC), has reportedly lost the support of billionaire Democratic donor Ron Conway.

This comes after the PAC committed to spending millions to oust Democratic Ohio Senator Sherrod Brown.

According to a POLITICO report from August 19, venture capitalist Ron Conway revealed in an email to other donors that he was not informed about the PAC’s decision to spend $12 million supporting Republican challenger Bernie Moreno against Senator Brown in this year’s elections.

RELATED: US Senate Majority Leader Vows to Push For Comprehensive Crypto Regulations Before 2024 Ends

In the email, Conway claimed that the decision was made behind his back.

“Not one person bothered to give me a heads-up that you were doing this,” 

he wrote in the mail. He described the situation as “a slap in the face” to both himself and Senator Schumer, whom he was scheduled to meet in San Francisco today, August 20, 2024.

Conway criticized the move as “short-sighted and stupid,” and stated that he would no longer support or associate with the super PAC.

“Because of your selfish hidden agendas, it is time for us to separate,”

the mail read.

Fairshake has reportedly received tens of millions of dollars in support from major players in the U.S. crypto industry, all in a bid to influence the upcoming elections in favour of candidates with a favourable stance toward the industry. Contributors include Ripple, Coinbase, Coinbase CEO Brian Armstrong, and Andreessen Horowitz founders Marc Andreessen and Ben Horowitz.

Notably, Conway also alleged that Fairshake was divided into two factions: a moderate group and a “Donald Trump faction.” He specifically named Armstrong and Andreessen as part of the latter. Conway also noted that while the PAC planned to support an equal number of Democrats and Republicans, most of the Republicans it backed were in critical districts for Democrats hoping to regain control of the House.

 

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Tags: CryptoFairshakePACU.S. Elections
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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