Ron Conway, a Democratic megadonor and venture capitalist, has reportedly cut ties with a group of crypto super political action committees (PACs) after learning they decided to spend $12 million in an effort to unseat Democratic Senator Sherrod Brown.
According to an August 19 report by Politico , Conway, who has been actively promoting crypto-friendly policies in Congress, was unaware of this decision.
He believes this move could jeopardize the push for favorable crypto regulations, especially at a time when Senate Majority Leader Chuck Schumer is working to pass a significant crypto regulation bill.
In an email sent to PAC members, including Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse, Conway, who contributed $500,000 to one of the PACs in December, did not hold back his criticism. He stated:
You all know that is 'slap in the face' to Sen Schumer and a 'slap in the face' to me when you know I'm meeting him in tomorrow. How short sighted and stupid can you possibly be?
Further expressing his disappointment, Conway pointed out that he has used his over 25 years of personal relationships to support the crypto movement, yet was kept in the dark about this major decision. He said:
Not one person bothered to give me a heads up that you were doing this <...>. Sadly, I'm even a donor to Fairshake.
This situation highlights growing tensions within the crypto industry as the US presidential election draws closer.
In other news, a group of "industry leaders, policy experts, and everyday crypto-enthusiasts", including Mark Cuban, established the Crypto4Harris movement to support the Kamala Harris presidential campaign.
