Multicoin Capital, an investment firm specializing in tokens and blockchain companies, has announced that it will match every donation made to the Sentinel Action Fund super political action committee (PAC) in Solana (SOL) until July 14. These donations will go towards supporting the campaigns of four pro-crypto Republican challengers running for United States Senate seats.
The Sentinel Action Fund is endorsing Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio, and Tim Sheehy in Montana. All four candidates have received A ratings (“strongly supports crypto”) from the Coinbase-backed Stand With Crypto organization.
Multicoin Capital’s managing partner, Kyle Samani, highlighted in a recent X thread that the Sentinel Action Fund is “supporting conservative candidates who are committed to ensuring responsible crypto innovation in America.” The PAC’s website also states this objective.
The claim made by the Sentinel Action Fund seems to hold true based on its support and opposition of candidates in 2022. According to Open Secrets, in that election cycle, the PAC spent $10.2 million opposing five Democratic candidates and $3 million supporting 11 Republicans. Almost all of the funds raised were utilized, with only $191,702 remaining.
The Sentinel Action Fund accepts donations in various cryptocurrencies, including Solana, which is one of the crypto assets in Multicoin Capital’s portfolio.
Bernie Moreno is challenging Sen. Sherrod Brown, who has an F rating (“strongly against crypto”) from Stand With Crypto. Brown is often seen as an ally of Massachusetts Sen. Elizabeth Warren. Tim Sheehy is running against Jon Tester, who has a C rating. David McCormick is running against Bob Casey, who also has a C rating. Sam Brown hopes to unseat Jacky Rosen, who has an A rating from Stand With Crypto, primarily due to her support for the SAB 121 House Joint Resolution. Stand With Crypto has given A ratings to 62 Democratic politicians, but they are significantly outnumbered by A-rated Republicans.
The Sentinel Action Fund was founded by Jessica Anderson, who previously served as the executive director of Heritage Action, the political action arm of the renowned Heritage Foundation. Anderson has taken a leave of absence from Heritage Action to focus on the new PAC.
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