Multicoin Capital Pledges $1 Million to Support Pro-Crypto Senate Candidates
Matching Crypto Donations
Multicoin’s support will depend on the outcome of Sentinel’s crypto donation drive. According to Sentinel’s website, Multicoin will match 100% of Solana (SOL) token donations sent to the PAC by July 14. Gemini is hosting the group’s crypto donations portal, accepting a variety of tokens, including SOL.
“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,” said Multicoin Managing Partner Kyle Samani.
Bipartisan Support for Crypto-Friendly Candidates
Multicoin Capital, along with its leaders Kyle Samani and Tushar Jain, has previously supported pro-crypto candidates across party lines. Despite donating to Sentinel, a conservative group, Multicoin identified Sentinel as aligned with its crypto interests due to the specific candidates it is backing this cycle. All four Republican candidates supported by Sentinel have received “A” ratings from the Coinbase-led crypto advocacy group Stand With Crypto.
Candidate Ratings
While the opponents of these candidates are not uniformly critical of cryptocurrency, three out of four are rated as “neutral” or better by Stand With Crypto. However, Ohio Senator Sherrod Brown has received an “F” rating, partly due to his strong opposition to the crypto industry.
Strategic Political Investment in Crypto
Multicoin’s decision to support these races is driven by a desire to flip the Senate to Republican control. This shift could alter the balance of power in agency appointments and other key areas where crypto companies intersect with the federal government, such as the courts.
Tech Rollout: Dialect’s “Blink” Technology
The matching pledge also serves as a high-profile test of Dialect’s newly debuted “Blink” technology. This technology allows users of X to execute on-chain Solana transactions through their social media posts. Blink will enable Solana users to donate to Sentinel via X and prompt donors to fill out required Federal Election Commission documentation.
Featured Image: Freepik
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