- Democrat donor Ron Conway has stated that his support to crypto PACs has ended.
- The US political landscape has seen major involvement of the cryptocurrency sector.
The world of cryptocurrency has found itself drawn into the political landscape over the past few months. Particularly, in the USA the upcoming elections have caused a spur of activity within the sector. Recently, in the last 24 hours, one of the leading donors in the industry Ron Conway announced that he would be breaking from leading crypto Political Action Committees (PACs).
Notably, the Democrat donor stated that leading crypto associations’ joint pledge to unseat Senator Sherrod Brown for $12 million. Ron Conway noted that their decision was going to jeopardize current attempts to pass a crypto legislation bill. Furthermore, he also said that the leading members had not informed him about the pledge.
Moreover, according to Politico reports, Democrat Ron Conway wrote an email to other significant donors stating the support was over. Some of the allies of the Network including Fairshake, Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, and Andreessen Horowitz founders, were pointed to by the crypto donor and tech billionaire.
Ron Conway stated in his email:
“Im the one using my 25+ year old personal relationships to help this movement the most significantly and not one person bothered to inform me. Sadly, I’m even a donor to Fair Shake.”
In the mail, Conway announced that he would be distancing himself from the PACs. His decision was a result of his unwillingness to work with people who “do not share common values” stated the email.
What are Crypto Allies Attempting with Democrat Leaders?
Leading members of the sector, having realized the importance of political influence have attempted to onboard Democrat leaders onto digital assets. Recently leading senate member Chuck Schummer stated that he would pass a crypto legislation bill.
Moreover, Schummer in the recent Crypto4Harris event stated that he would pass legislation for crypto in the case of a Democrat win. Meanwhile, the Republicans have shown persistent support for Crypto since the beginning of the US election campaigns.
Meanwhile, the crypto sector has finally begun to show market recovery after the recent significant dip. Bitcoin surpassed $60K according to CMC data.
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