Multicoin Capital to match up to $1 million in SOL donations to Republican crypto PAC

Multicoin Capital will match Solana (SOL) donations to the Sentinel Action Fund, a political action committee (PAC) supporting pro-crypto Republican senators, for up to $1 million over 10 days.

On July 5, Multicoin Capital Managing Partner Kyle Samani said the firm’s involvement will “double the impact” of donor contributions.

Samani explained the company’s reasons for the initiative, stating:

“Political engagement matters, and it starts with supporting the candidates who believe America needs to remain free for innovation.”

He said that donation matching will help the Sentinel Action Fund add more pro-crypto lawmakers to the US Senate, which will produce “good legislation, good policy results, and good agency nominees.” He called for elected leaders who will defend US citizens’ crypto rights.

Donors can contribute through the PAC website or via Blink, a new Solana feature that allows Backpack wallet users to transact directly from X. Samani said that Blink donations will provide all information needed to comply with the Federal Election Commission’s (FEC) rules.

Bipartisan firm supports Republican PAC The Sentinel Action Fund is a self-described “conservative Super PAC” that supports pro-crypto candidates and innovation.

The fund backs Republican Senate candidates, specifically challengers Sam Brown (R-Nev.), Dave McCormick (R-Pa.), Bernie Moreno (R-Ohio), and Tim Sheehy (R-Mont.).

Multicoin Capital Cofounder and Managing Partner Tushar Jain said the firm has supported candidates in both parties in the past and believes crypto should be a bipartisan or nonpartisan issue. However, Multicoin is supporting a single-party organization because it considers itself a single-issue voter.

Samani and Jain endorsed Senator Bill Hagerty’s efforts to create a “pro-crypto army.” Jain also named Senator Cynthia Lummis as supportive of the crypto 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 also recently donated to Fairshake.

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Responses

  1. This initiative by Multicoin Capital is a great example of proactive support for the crypto industry. Matching Solana donations to the Sentinel Action Fund is not just a financial contribution but also a strategic move to bolster political backing for pro-crypto legislation. It’s encouraging to see influential players like Kyle Samani and Tushar Jain emphasize the importance of political engagement for the future of innovation in America.

    The integration of Blink for seamless donations through Solana’s Backpack wallet is an innovative touch, highlighting how technology can streamline political contributions. The focus on supporting candidates who champion crypto rights and innovation could potentially shape the legislative landscape in favor of the crypto community.

    It’s also noteworthy that Multicoin Capital has supported bipartisan efforts in the past, showing their commitment to the broader goal of advancing the crypto agenda irrespective of party lines. This targeted support for pro-crypto Republican candidates could lead to significant developments in the Senate, paving the way for favorable crypto policies. Looking forward to seeing the impact of this initiative! 🚀