Multicoin Capital, a Crypto investment giant, is set to fund up to $1 million in Solana to support the crypto-focused Sentinel Action Fund
Multicoin Capital, a crypto hedge fund, has extended a hand of goodwill to Republican legislators in the United States who are pro-crypto through Solana (SOL).
Multicoin Capital supports Sentinel Action Fund
Kyle Samani, a managing partner at Multicoin Capital, shared the company’s decision to make a unique contribution to Sentinel Action Fund to complement the SOL donation. The blockchain investment company intends to donate a maximum of $1 million within ten days. The donations are processed by the cryptocurrency exchange Gemini.
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
It is important to note that the Sentinel Action Fund is a conservative super-political action committee dedicated to appointing crypto-friendly politicians to the United States Senate. Jessica Anderson, the former executive director of Heritage Action, serves as the group’s leader.
The Sentinel Action Fund supports Bernie Moreno in Ohio, Sam Brown in Nevada, Dave McCormick in Pennsylvania, and Tim Sheehy in Montana.
In addition, Moreno is competing against Sherrod Brown in Ohio. Brown, the Chair of the Senate Banking Committee, has maintained his opposition to cryptocurrency and has advocated for sanctions against the sector. In his most recent X post, Samani clarified that Multicoin Capital is taking this action because political engagement is crucial.
“…and it begins with supporting the candidates who believe that America must remain open to innovation,” he stated. “By contributing, we are providing @sentinelaction with the resources necessary to expand the number of pro-crypto senators, such as @BillHagertyTN, an innovator who comprehends and communicates in our language.”
Bitcoin and other cryptocurrencies are accepted as donations by U.S. politicians
In the interim, Senator Bill Hagerty, a Republican from Tennessee, is recognized for his astute posture on cryptocurrency. He has continued to advocate for the acceptance and regulation of crypto by introducing a limited number of measures. One of his proposals from the previous year was explicitly designed to protect crypto exchanges such as Binance, Coinbase, and Kraken from the U.S. Securities and Exchange Commission (SEC).
In addition to candidates for the Senate position, other prominent politicians have received donations and contributions through digital assets. In May, presidential candidate Donald Trump initiated a campaign to solicit cryptocurrency donations. He has received millions of dollars in cryptocurrencies since that time. He has received cryptocurrency donations from prominent figures such as the Winklevoss brothers and the Kraken exchange.
Similarly, President Joe Biden implemented a crypto campaign; however, his acceptance of Bitcoin and other crypto donations elicited significant criticism. Even though the government has not yet fully embraced cryptocurrency, the emergence of cryptocurrency donations indicates that the delay may soon be over.
