Multicoin Capital, a leading crypto and blockchain investment firm, has pledged up to $1 million to back pro-crypto Republican lawmakers through The Sentinel Action Fund, a conservative super-political action committee.
The initiative will match every SOL donated up to $1 million over the next 10 days, facilitated by crypto exchange Gemini. Kyle Samani, Managing Partner at Multicoin Capital, emphasized the importance of political engagement in supporting candidates who advocate for innovation and a free market.
“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 Kyle Samani in a statement. “By making contributions, we’re giving @sentinelaction the tools to increase the number of pro-crypto senators like @BillHagertyTN — an innovator who understands and speaks our language.”
Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, has been active in proposing legislation to regulate crypto, including measures to provide safe harbors for exchanges from certain SEC enforcement actions.
This move by Multicoin Capital follows recent donations by other crypto industry leaders, such as Cameron and Tyler Winklevoss, who contributed $2 million in bitcoin to former President Donald Trump, and Kraken founder Jesse Powell, who donated $1 million to Trump’s campaign.
Cryptocurrency has become a prominent issue in the upcoming elections, with significant contributions flowing to various PACs, including the super PAC Fairshake. The Sentinel Action Fund is supporting Senate candidates such as Sam Brown in Nevada, Dave McCormick in Pennsylvania, Bernie Moreno in Ohio, and Tim Sheehy in Montana, with a focus on advancing pro-crypto policies.