A tech billionaire and prominent Democratic donor is cutting ties with a network of highly influential cryptocurrency super PACs, calling the organizations “stupid,” “selfish” and shortsighted and unable to get involved in a series of leaked emails.
After donating generously to the Democratic Party for years (and thus gaining significant influence), venture capitalist Ron Conway recently rebuked top members of FairShake, a super PAC network formed to create a “clearer regulatory and legal framework” for the “blockchain economy.” In a series of emails published by Politico, Conway lambasted many of the group’s most prominent members, including tech industry stooges Marc Andreessen and Ben Horowitz, Coinbase CEO Brian Armstrong, and Ripple CEO Brad Garlinghouse. What infuriated Conway? Apparently he was blindsided by a PAC-related covert effort to unseat prominent Democratic Congressman Sherrod Brown, who has been a vocal critic of the crypto industry.
“From $12 million [Sherrod] “Brown’s opponent is attacking Senator Schumer at a time when he is doing everything he can to get legislation passed in the lame duck Senate,” Conway said in an email, referring to a crypto-friendly bill currently moving through Congress under Schumer. “You all know it’s a slap in the face to Senator Schumer, and to me as I meet with him tomorrow in San Francisco. How shortsighted and stupid can you all be?”
Conway’s rant continued: “Nobody told me what you were doing. [sic] “Here it is,” he wrote. “I am the one who has the most to offer this cause with my personal relationship of over 25 years, yet no one has bothered to let me know. Sadly, I am also a Fair Shake donor.”
“It’s time for us to separate because of your selfish, hidden agenda,” Conway continued. “This is because I have been in a relationship for far too long. [do] It is unacceptable that we do not share common values. [sic] I will no longer sacrifice myself for companionship or support.”
Conway added that there’s an “elephant in the room” – namely, that there are “two factions” in the community: the moderates and the Donald Trump faction (Brian and Mark).
Historically, the crypto industry has always pumped a lot of money into politics, but this year is on track to break records. In fact, crypto fans now pump more money into the U.S. political system than the Koch brothers. A new report by Public Citizen claims that donations from crypto companies and supporters accounted for half of the money spent on this year’s elections. Much of that money has gone to the Republican Party, which the industry’s bad actors see as pretty friendly to their interests (not surprising, given the GOP’s penchant for deregulation and corporate excess). But crypto money continues to flow to Democratic candidates, a fact that has irked some conservatives.
Conway has “vowed” to stop supporting the pro-crypto super PAC network, but it’s not entirely clear that he will actually do so. While it’s nice to show integrity in this area (and maybe save face with politicians he’ll have to court in the future), who knows if he’ll actually follow through. Gizmodo reached out to Conway for comment, asking if he’ll put his money where his mouth is.
