Multicoin Capital Will Dedicate Funds to Solana to Support US Senate Candidates
Date: 2024-07-09 Author: Oliver Abernathy Categories: IN WORLD
Hedge fund Multicoin Capital has announced plans to invest in the Sentinel Action Fund, a super political action committee (PAC) aimed at supporting pro-cryptocurrency Republican U.S. Senate candidates. In this endeavor, the foundation will match all donations made in Solana coin (SOL).
Investing in the Political Future
Multicoin Capital, known for its investments in cryptocurrency projects, is expanding its activities into the political sphere. Fund partner Kyle Samani said on his X (formerly Twitter) account that the fund will actively support the Sentinel Action Fund, which in turn promotes Republican candidates who support cryptocurrency.
The Sentinel Action Fund plans to raise $1 million by July 14, 2024. As part of this campaign, Multicoin Capital will match all donations made by users in Solana coin (SOL). The move aims to encourage participation in the political process and support candidates who believe it is important to preserve freedom to innovate in the United States.
Statement by Kyle Samani
Kyle Samani noted, “We do this because we understand that political participation matters, and that starts with supporting candidates who believe America should remain free to innovate.” This statement highlights the importance of political support for the development and adoption of cryptocurrencies.
Sentinel Action Fund is backing four Republican candidates: Sam Brown, Dave McCormick, Bernie Moreno and Tim Sheehy. All have received an "A" rating from the cryptocurrency advocacy group Stand With Crypto, which is led by Coinbase. This indicates their positive attitude towards the cryptocurrency sector and their desire to promote its development.
Historical Context
Previously, co-founder of the Kraken crypto exchange Jesse Powell donated $1 million in crypto assets to Donald Trump for his election campaign. Powell also criticized some US politicians for “bashing” the cryptocurrency space, highlighting the need for political support to protect the interests of the cryptocurrency community.
Multicoin Capital's initiative to support the Sentinel Action Fund and double donations to Solana is an important step towards strengthening the political influence of the cryptocurrency community. This demonstrates the importance of political participation in ensuring an enabling environment for innovation and development of cryptocurrencies in the United States.
