Solana Donations to Pro-Crypto GOP PAC Matched Up to $1M by Multicoin Capital

• Crypto investment firm Multicoin Capital has pledged to match all donations made in Solana’s SOL to support Republican Senate candidates up to a maximum of $1 million.
• Multicoin’s Kyle Samani says the move is meant to ensure that pro-crypto legislators make it to the next government, and the Republican party has been the industry’s best ally.

As the impact of regulations on crypto becomes clearer by the day, the industry is stepping up and supporting pro-crypto political candidates in the US. To boost this movement, prominent crypto investment firm Multicoin Capital has pledged to match donations made in Solana’s SOL to Republican senate candidates.

Multicoin founder and managing partner Kyle Samani announced the initiative on Friday in a detailed post on Twitter that delved into why supporting pro-crypto legislators is critical.

0/ Today, Multicoin Capital is proud to announce a special contribution to match all donations of SOL tokens to the Sentinel Action Fund (@sentinelaction) up to $1M for SOL donations made over the next 10 days.

Let’s talk about the who, what, why and how.

— Integrated Kyle e/acc (@KyleSamani) July 5, 2024

Multicoin will specifically match SOL donations to the Sentinel Action Fund, up to a maximum of $1 million. Sentinel describes itself as “the only conservative Super PAC advancing Pro-Crypto Candidates and supporting Pro-Crypto Innovation in America.”

Senator Bill Hagerty, who has been fighting for crypto for years, has previously stated that Sentinel “is literally laying the groundwork for a pro-crypto Senate — they are on the ground in swing states to boost turnout for pro-crypto candidates.”

Among the candidates the Fund supports are Pennsylvania’s Dave McCormick, Nevada’s Sam Brown and Ohio’s Bernie Moreno.

Multicoin’s campaign kicked off on July 5 and will run up to July 14. According to Samani, Multcoin is pledging its funds to as the legislators who take office in this year’s election could determine the future of crypto in the US, and it’s critical that they be allies of the sector.

He stated:

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…This means good legislation, good policy results, and good agency nominees. We need elected leaders who will defend the rights of the millions of Americans with crypto assets,

Pushing for a Pro-Crypto Senate with Solana

The US Senate has been divided on crypto. Some like Elizabeth Warren have fought against the sector, with the Massachusetts Senator famously claiming that “crypto has become the preferred tool for terrorists, for ransomware gangs, for drug dealers, or rogue states that want to launder money.”

And yet, others like Texas’ Ted Cruz, Minnesota’s Tom Emmer, Wyoming’s Cynthia Llumis and New York’s Kirsten Gillibrand have defended crypto and pushed for enabling regulations.

The crypto battle seems to have taken party lines. Republicans, led by presidential candidate Donald Trump have embraced the sector, as Crypto News Flash has reported. Trump is even considering speaking at this year’s Bitcoin 2024 in Miami, which would be monumental for the sector.

To show solidarity, the crypto sector has been generously contributing towards pro-crypto candidates. The Winklevoss twins revealed last month that they had donated $1 million to Trump and pledged to vote for him in the November polls, as reported by Crypto News Flash.

The crypto-politics mix hasn’t always panned out well, however. FTX founder Sam Bankman-Fried is one such instance when this mix backfired. SBF reportedly contributed over $100 million to political causes, but after the collapse of his exchange, these contributions have become a liability for several politicians. According to a recent exposé by the Wall Street Journal, these contributions could lead to prison sentences for several of those involved.

Meanwhile, as the Solana community bands together to support the pro-crypto legislators, SOL has dipped 5.37% in the past day to trade at $132. SOL had the biggest dip of the top seven coins, with Bitcoin and Ethereum both losing just over 3%.