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Multicoin Pledges Up to $1 Million for Pro-Crypto Senate Candidates
Multicoin Capital, one of the largest U.S. cryptocurrency-focused investment firms, is pledging up to $1 million to support Senate candidates with favorable views of the sector.
The investment manager plans to financially support four Republican candidates (Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio and Tim Sheehy in Montana) through donations to the conservative political action committee (PAC) Sentinel Action Fund.
How much Multicoin will donate will depend on the outcome of Sentinel’s cryptocurrency donation campaign. According to the group’s website, Multicoin will match 100% of (SOL) token donations sent to Sentinel by July 14. Gemini hosts the group’s cryptocurrency donation portal and appears to accept a variety of tokens, including SOL.
“We do this because we recognize that political engagement matters, and it starts with supporting candidates who believe America should remain free to innovate,” said Kyle Samani, Managing Partner of Multicoin, in a statement.
Multicoin, as well as its leaders Samani and Tushar Jain, have in the past supported pro-crypto candidates on a bipartisan basis. That won’t change with the donation to Sentinel, despite its status as a decidedly conservative group, a person familiar with the company’s thinking said.
That said, Multicoin has identified Sentinel as aligned with its crypto interests through the specific candidates it is backing this cycle, the person said. Those four Republicans Sentinel is backing have all received “A” ratings from Coinbase-led crypto advocacy group Stand With Crypto.
Opponents of these candidates aren’t all as critical of cryptocurrency as Elizabeth Warren, the Massachusetts senator scorned by the crypto industry for her rhetoric about hosting an “anti-crypto army.” Three of the four are rated “neutral” or better by Stand With Crypto, though Ohio Senator Sherrod Brown boasts an “F.”
Still, Multicoin decision makers are eager to invest in races that could swing the Senate to Republican control, the person said. That would shift the balance of power in agency appointments and other key areas where cryptocurrency firms intersect with the federal government, such as the courts.
The pairing effort marks a high-profile test for Dialects’ recent debut “Blink“technology through which X users can perform on-chain Solana transactions with their social media posts.
In that case, Blink will allow Solana users to donate to Sentinel through X (formerly Twitter). It will also prompt donors to fill out paperwork required by the Federal Election Commission, people familiar with the matter said.