Multicoin Capital, one of the biggest crypto-focused investment firms in the United States, announced plans to pledge up to $1 million to support pro-crypto candidates.
Multicoin plans to donate to the conservative super political action committee (PAC) Sentinel Action Fund to support four Senate candidates: Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio, and Tim Sheehy in Montana.
Multicoin plans to support Senate candidates who take a positive stance toward crypto.
All four of these candidates are Republican.
Sentinel and Solana (SOL)
Sentinel’s crypto donation drive will be the catalyst for all of Multicoin’s contributions. According to Sentinel, Multicoin will match 100% of Solana (SOL) token donations sent to the PAC from now until July 14.
Gemini is hosting the group’s crypto donations portal and accepting various tokens, including SOL. The Winklevoss twins, Gemini’s founders, have been very vocal in their support of Presidential nominee Donald Trump and have donated to his cause.
Sentinel is conservatively minded and Multicoin tries to stay bipartisan, even though they are very vocal about their support for pro-crypto candidates.
“We’re doing this because we realize that political engagement matters, and it starts with supporting the candidates who believe America needs to remain free for innovation,” said Multicoin Managing Partner Kyle Saman on their support of the four candidates.
America-first crypto
Multicoin wants to support candidates that support America-first crypto mining and pro-crypto mining legislation. The four candidates have expressed a positive stance towards crypto in their campaigns, making them ideal funding recipients.
Kyle Samani and Tushar Jain are the funds leaders and have supported pro-crypto candidates on a bipartisan basis, even though their most recent support only involves Republican candidates.
Multicoin identified Sentinel as a great partner for these funds as the specific candidates in question are pro-crypto, regardless of their political party.
The four Republicans supported by Sentinel and now Multicoin received “A” ratings from Stand With Crypto.
Other political funding
On June 26, Fairshake PAC announced plans to spend over $100 million in the general election to back pro-crypto lawmakers. Fairshake achieved significant victories in recent congressional primaries, proving that pro-crypto stances can help sway electoral decisions.
Fairshake was created to support candidates who are favorable to the crypto industry.
Sentinel and Fairshak PACs usually support campaigns that could potentially help the Republicans gain control of the Senate. A change in Senate control could impact the balance of power in agency appointments — like the SEC — and other important areas where crypto companies engage with the federal government.
