Multicoin Capital, one of the largest cryptocurrency-focused investment firms in the United States, has announced plans to pledge up to $1 million to support pro-crypto candidates.
Multicoin plans to donate to the Sentinel Action Fund, a super-conservative political action committee (PAC), 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 on cryptocurrencies.
All four of these candidates are Republicans.
Sentinel and Solana (SOL)
Sentinel’s crypto donation campaign will serve as the catalyst for all Multicoin contributions. According to Sentinel, Multicoin will match 100% of Solana (SOL) token donations sent to the PAC between now and July 14.
Gemini hosts the group’s own crypto donation portal and accepts a number of tokens, including SOL. The Winklevoss twins, the founders of Gemini, have been very vocal in their support for presidential candidate Donald Trump and have donated to his cause.
Sentinel has a conservative mindset and Multicoin tries to stay partisan, although it is very vocal about its support for pro-crypto candidates.
“We do this because we recognize that political engagement matters, and it starts with supporting candidates who believe America needs to remain free to innovate,” said Kyle Saman, managing partner at Multicoin, of their support for the four candidates.
America First in Cryptocurrencies
Multicoin wants to support candidates who support America First crypto mining and pro-crypto mining legislation. All four candidates have expressed a positive attitude toward cryptocurrencies in their campaigns, making them ideal recipients of funding.
Kyle Samani and Tushar Jain are fund leaders and have backed pro-crypto candidates on a bipartisan basis, though their recent endorsements only include Republican candidates.
Multicoin has identified Sentinel as a great partner for these funds as the specific candidates involved are pro-crypto, regardless of their political party.
The four Republicans backed by Sentinel and now Multicoin have received an “A” rating from Stand With Crypto.
Other political funding
On June 26, the Fairshake political action committee announced plans to spend over $100 million in the general election to support pro-crypto lawmakers. Fairshake scored big wins in recent congressional primaries, proving that pro-crypto stances can help influence electoral decisions.
Fairshake was created to support pro-crypto candidates.
Sentinel and Fairshak’s political action committees typically back campaigns that could help Republicans gain control of the Senate. A shift in Senate control could impact the balance of power in agency appointments — such as the Securities and Exchange Commission — and other important areas where crypto companies interact with the federal government.
