Blockchain
Multicoin Capital to Match Up to $1M in SOL Donations to Republican Crypto PAC
Multicoin Capital will correspond to Solana (SOL) donations to the Sentinel Action Fund, a political action committee (PAC) supporting pro-cryptocurrency Republican senators, reached up to $1 million in 10 days.
ON July 5thManaging Partner of Multicoin Capital Kyle Samani said the company’s involvement will “double the impact” of donors’ contributions.
Samani explained the reasons that drove the company to undertake this initiative, stating:
“Political engagement is important, and it starts with supporting candidates who believe America should remain free to innovate.”
He said the donation contribution will help Sentinel Action Fund add more pro-crypto legislators to the U.S. Senate, which will produce “good laws, good policy outcomes, and good agency nominees.” He called for elected leaders who will defend the rights of U.S. citizens when it comes to cryptocurrencies.
Donors can contribute through the PAC’s website or through Blink, a new feature from Solana that allows Backpack wallet users to make transactions directly from X. Samani said that donations through Blink will provide all the information needed to comply with Federal Election Commission (FEC) rules.
Bipartisan Firm Backs Republican PAC
Sentinel Action Fund is a self-proclaimed “conservative Super PAC” that supports pro-cryptocurrency and pro-innovation candidates.
The fund supports Republican Senate candidates, particularly challengers Sam Brown (R-Nev.), Dave McCormick (R-Pa.), Bernie Moreno (R-Ohio) and Tim Sheehy (R-Mont.).
Co-founder and Managing Partner of Multicoin Capital Tushar Jain She said The company has supported candidates from both parties in the past and believes that cryptocurrency should be a bipartisan or non-partisan issue. However, Multicoin is supporting a one-party organization because it considers itself a one-issue voter.
Samani and Jain have supported Senator Bill Hagerty’s efforts to create a “pro-crypto army.” Jain also named the senator Cynthia Lummis in support of the cryptocurrency sector.
According to OpenSecrets, Multicoin Capital members donated $200,000 to the bipartisan crypto PAC Fairshake and $12,500 to the Blockchain Association PAC in the 2024 election cycle. Andreessen Horowitz (a16z) AND Ripple recently donated to Fairshake as well.