Multicoin Capital has announced that they will be matching up to $1 million in donations to the Sentinel Action Fund, a Republican crypto PAC supporting pro-crypto senators, specifically those from the Republican party. This initiative will last for the next 10 days, with the company aiming to double the impact of donor contributions.
Kyle Samani, the Managing Partner at Multicoin Capital, emphasized the importance of political engagement and the need to support candidates who advocate for innovation and freedom in America. He believes that by adding more pro-crypto lawmakers to the US Senate, it will lead to the development of good legislation, policies, and agency nominees that benefit the crypto community and protect their rights.
Donors can contribute to the Sentinel Action Fund through their website or by using Blink, a new feature on the Solana platform that allows Backpack wallet users to transact directly from X. This ensures that all donations comply with the Federal Election Commission’s rules.
The Sentinel Action Fund is described as a conservative Super PAC that supports candidates who are pro-crypto and in favor of innovation. While Multicoin Capital has previously supported candidates from both parties, they are now focusing their efforts on the Republican party due to their stance as a single-issue voter when it comes to crypto.
Tushar Jain, the Cofounder and Managing Partner at Multicoin Capital, mentioned their support for Senator Bill Hagerty’s vision of creating a “pro-crypto army” and highlighted Senator Cynthia Lummis as a strong advocate for the crypto sector. In the past, Multicoin Capital members have donated to bipartisan crypto PACs such as Fairshake and the Blockchain Association PAC.
It’s interesting to note that other prominent entities like Andreessen Horowitz (a16z) and Ripple have also recently contributed to Fairshake, showing a growing trend of support for pro-crypto initiatives across the political spectrum. This move by Multicoin Capital to match donations to a Republican crypto PAC underscores the increasing importance of crypto-related policies and regulations in the political landscape.