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Multicoin Capital, a leading crypto-focused investment firm in the United States, has announced plans to pledge up to $1 million to support pro-crypto candidates.
Support for Pro-Crypto Senate Candidates
Multicoin Capital intends to donate to the conservative super political action committee (PAC), Sentinel Action Fund, to support four Senate candidates: Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio, and Tim Sheehy in Montana. All four candidates have shown a positive stance towards cryptocurrency and are members of the Republican Party.
Sentinel Action Fund and Solana (SOL)
Sentinel’s crypto donation drive will be the catalyst for all of Multicoin’s contributions. According to Sentinel, Multicoin will match 100% of Solana (SOL) token donations sent to the PAC until July 14. Gemini is hosting the group’s crypto donations portal and accepting various tokens, including SOL.
Gemini’s founders, the Winklevoss twins, have been vocal in their support for Presidential nominee Donald Trump and have donated to his cause. Although Sentinel is conservatively minded, Multicoin aims to remain bipartisan while supporting pro-crypto candidates.
“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 Multicoin Managing Partner Kyle Saman.
America-First Crypto Stance
Multicoin Capital seeks to back candidates who support America-first crypto mining and pro-crypto mining legislation. The four candidates have expressed positive views on crypto in their campaigns, making them ideal recipients of this funding.
Multicoin leaders Kyle Samani and Tushar Jain have supported pro-crypto candidates on a bipartisan basis, although their recent support focuses on Republican candidates. They identified Sentinel as a valuable partner because the specific candidates in question are pro-crypto, regardless of their political affiliation.
Political Funding and Influence
On June 26, Fairshake PAC announced plans to spend over $100 million in the general election to back pro-crypto lawmakers. Fairshake achieved significant victories in recent congressional primaries, proving that pro-crypto stances can influence electoral outcomes. Fairshake was created to support candidates who are favorable to the crypto industry.
Sentinel and Fairshake PACs often support campaigns that could help Republicans gain control of the Senate. A change in Senate control could impact the balance of power in agency appointments, such as the SEC, and other areas where crypto companies engage with the federal government.
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