Multicoin Capital, a venture capital firm focusing on tokens and blockchain enterprises, pledges to match all contributions made in Solana (SOL) to the Sentinel Action Fund super PAC until July 14. These donations will provide support to four pro-cryptocurrency Republican candidates vying for United States Senate positions.
The Sentinel Action Fund is throwing its weight behind Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio, and Tim Sheehy in Montana. These candidates have all received top ratings (“strongly supports crypto”) from Stand With Crypto, a group supported by Coinbase.
Describing the appeal of a pro-crypto PAC, Kyle Samani, managing partner at Multicoin Capital, highlighted on social media that the Sentinel Action Fund champions conservative politicians who advocate for responsible crypto innovation in the United States. The PAC’s website reinforces this message.
The PAC’s track record in 2022, as reported by Open Secrets, confirms its focus on supporting cryptocurrency-friendly initiatives. During that election year, the Sentinel Action Fund spent $10.2 million to oppose five Democratic contenders and allocated $3 million to back 11 Republican candidates. Nearly all the funds collected were put towards these efforts.
An important feature of the Sentinel Action Fund is its acceptance of various cryptocurrencies, including Solana, through a convenient dropdown menu. Notably, Solana is among the digital assets featured in Multicoin Capital’s investment portfolio.
Bernie Moreno’s Senate campaign, challenging incumbent Sherrod Brown, who holds an unfavorable rating (“strongly against crypto”) from Stand With Crypto, exemplifies the PAC’s commitment to prioritizing cryptocurrency advocacy over party lines. Similar dynamics play out in the face-offs between Sheehy and Tester, McCormick and Casey, and Brown against Rosen.
Rep. Jacky Rosen stands out for her strong support of the SAB 121 House Joint Resolution, earning her an A rating from Stand With Crypto. While there are 62 Democratic lawmakers with similar ratings, they are eclipsed in number by A-rated Republicans.
The brainchild of Jessica Anderson, former executive director of Heritage Action, the Sentinel Action Fund was established to amplify the influence of cryptocurrency advocates in the political arena. Anderson, on leave from Heritage Action, is now dedicated to advancing the PAC’s mission.
In the realm of electoral politics, cryptocurrency enthusiasts are already reshaping the landscape for the upcoming 2024 election, with no signs of slowing down.