- Through The Sentinel Action Fund, a conservative super-political action committee, Multicoin Capital said that it would match every SOL donation made during the next ten days, up to a maximum of $1 million.
- In recent months, millions of dollars have been donated to politicians and other PACs by other members of the crypto sector.
Up to $1 million will be donated by blockchain and cryptocurrency investment firm Multicoin Capital to help Republican senators who favor cryptocurrencies.
The company declared that, for the next ten days, it will match every SOL donation made through The Sentinel Action Fund, a super-political action committee run by conservatives, up to $1 million. According to the website, Gemini, a cryptocurrency exchange, powers the donation procedure.
According to Kyle Samani, managing partner of MultiCoin Capital, in a post on X on Friday, “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.”
By contributing, we are arming @sentinelaction with the means to add more senators who support cryptocurrency, such as @BillHagertyTN, an entrepreneur who speaks and understands our language.
Over the past year, Senate Banking Committee member Sen. Bill Hagerty, R-Tenn., has filed a number of proposals to regulate cryptocurrency, one of which would provide exchanges with safe harbor from certain Securities and Exchange Commission enforcement proceedings.
Over the previous few months, other members of the crypto sector have contributed to candidates. Last month, former President Donald Trump received $2 million in Bitcoin from Cameron and Tyler Winklevoss and $1 million from Jesse Powell, the founder of Kraken. Additionally, millions have poured into other PACs, such as the super PAC Fairshake.
Due to Trump’s acceptance of cryptocurrency contributions for his reelection campaign and his pledge to safeguard self-custody, cryptocurrency has become a prominent subject in this year’s presidential election. According to earlier information from The Block, the Biden campaign has started contacting cryptocurrency sector participants for advice on the community and policy choices.
According to their website, the Sentinel Action Fund is endorsing Senate candidates Tim Sheehy in Montana, Dave McCormick in Pennsylvania, Bernie Moreno in Ohio, and Sam Brown in Nevada.
Notably, Moreno is taking on Sherrod Brown, D-Ohio, the chair of the Senate Banking Committee, who has been dismissive of cryptocurrencies.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
