Key Donor Ron Conway Ditches Crypto PAC Over Surprise Funding Fallout

cryptonews.com:

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Billionaire venture capitalist Ron Conway reportedly severed ties with crypto-focused PAC Fairshake after it announced plans to support Republican Bernie Moreno against Democratic Sen. Sherrod Brown.

Fairshake revealed a $12m ad campaign to back Moreno in the 2024 elections. But Conway, who donated $500,000 to Fairshake in December, warned that this move could alienate Democrats. He also cautioned that it could jeopardize pro-crypto legislation in Congress, Politico reported Monday.

Conway, a notable figure in venture capitalism, has actively shaped the tech and startup environments, especially in Silicon Valley. His association with Fairshake reflected his commitment to technological advancement and innovation. His decision to withdraw from Fairshake underscores his typical allegiance to Democratic candidates and initiatives.

Fairshake didn’t return Cryptonews’ request for comment by press time.

After the House passed a crypto-friendly bill with strong bipartisan support, advocates are pushing to gain more Democratic backing in the Senate. Senate Majority Leader Chuck Schumer recently vowed to pass crypto legislation by the end of the year.

Schumer’s comments suggest that top Democrats are recognizing the need to integrate the fast-growing digital asset industry into the regulatory framework. The goal is to balance innovation with regulation and keep the US competitive in the global crypto market.

“$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 Wednesday to numerous fellow donors,