Multicoin Capital, an investment firm specializing in tokens and blockchain enterprises, will match every Solana (SOL) donation made to the Sentinel Action Fund super PAC until July 14. These contributions will bolster the campaigns of four pro-crypto Republican challengers vying for United States Senate seats.
The Sentinel Action Fund is backing Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio, and Tim Sheehy in Montana—all receiving top marks (“strongly supports crypto”) from the Coinbase-backed Stand With Crypto organization.
Explaining the focus of the pro-crypto PAC, Kyle Samani, managing partner at Multicoin Capital, highlighted on Twitter that the Sentinel Action Fund supports “conservative candidates dedicated to fostering responsible crypto innovation in America.” The PAC’s objectives are clearly outlined on its website and are substantiated by its past candidate endorsements and oppositions in 2022. According to Open Secrets, the Sentinel Action Fund, established in 2022, spent $10.2 million opposing five Democratic candidates and $3 million supporting eleven Republicans during that election cycle, with nearly all its raised funds allocated.
The Sentinel Action Fund accepts donations in various cryptocurrencies, including Solana, which is one of several digital assets in Multicoin Capital’s investment portfolio.
Bernie Moreno, challenging Sen. Sherrod Brown, a vocal opponent (“strongly against crypto”) according to Stand With Crypto, is a notable contest. Sherrod Brown, often aligned with Massachusetts Sen. Elizabeth Warren, stands in stark contrast to the pro-crypto stance of Moreno. Tim Sheehy faces Jon Tester, rated C by Stand With Crypto, while David McCormick contends against Bob Casey, also rated C. Sam Brown seeks to replace Jacky Rosen, who holds an A rating from Stand With Crypto largely due to her advocacy for the SAB 121 House Joint Resolution. Stand With Crypto has awarded A ratings to 62 Democratic politicians, significantly fewer compared to A-rated Republicans.
Jessica Anderson, formerly executive director of Heritage Action, the political arm of the renowned Heritage Foundation, launched the Sentinel Action Fund. She has temporarily stepped away from Heritage Action to concentrate on her new PAC.
In a related development, cryptocurrency advocates are poised to influence the upcoming 2024 elections, reflecting the growing impact of crypto-oriented voters.