Multicoin Capital To Fund Crypto-Friendly US Candidates In Solana

Through Solana (SOL), crypto hedge fund Multicoin Capital has extended a hand of goodwill to pro-crypto Republican lawmakers in the United States.

Multicoin Capital Supports Sentinel Action Fund

Kyle Samani, a managing partner with Multicoin Capital, announced the news of the firm’s special contribution to match up with the donation of SOL to Sentinel Action Fund. The blockchain investment company is looking to donate up to $1 million over the next 10 days. Cryptocurrency exchange Gemini is charged with processing the donations.

0/ Today, Multicoin Capital is proud to announce a special contribution to match all donations of SOL tokens to the Sentinel Action Fund (@sentinelaction) up to $1M for SOL donations made over the next 10 days.

Let’s talk about the who, what, why and how.

— Integrated Kyle e/acc (@KyleSamani) July 5, 2024

Notably, the Sentinel Action Fund is a conservative super-political action committee whose focus is to sit crypto-friendly politicians in the United States Senate. The group is led by Jessica Anderson, the former executive director of Heritage Action.

Currently, the Sentinel Action Fund supports Sam Brown in Nevada, Dave McCormick in Pennsylvania, Bernie Moreno in Ohio and Tim Sheehy in Montana.

Additionally, Moreno is contesting against Sherrod Brown in Ohio. Brown is the Senate Banking Committee Chair who has remained critical to crypto, seeking the crackdown of the burgeoning sector.  In his recent X post, Samani explained that Multicoin Capital is taking this step because of a realization that political engagement matters.

“….and it starts with supporting the candidates who believe America needs to remain free for innovation,” He said. “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.”

US Politicians Accept Bitcoin And Other Crypto Donations

Meanwhile, Senator Bill Hagerty, R-Tenn., is known for his apt crypto stance. Over time, he remains one of those pushing for crypto acceptance and regulation through the few bills that he has introduced. Explicitly, one of his bills from last year was focused on saving crypto exchanges like Binance, Coinbase and Kraken from the claws of the U.S. Securities and Exchange Commission (SEC).

Apart from candidates for the Senate position, other top politicians have also been receiving donations and contributions via digital assets. Presidential candidate Donald Trump opened a campaign for crypto donations in May. From that time till now, he has received millions of dollars in cryptocurrencies. He has received crypto donations from the likes of Winklevoss brothers and even Kraken exchange.

Similarly, President Joe Biden followed suit with a crypto campaign but he received severe backlash for accepting Bitcoin and other crypto donations. Though there has not been full acceptance of crypto in the government house, the advent of crypto donations suggest that the wait may soon be over.

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