Venture capital (VC) investment firm Multicoin Capital recently announced its commitment to supporting pro-crypto liberal Republican Party lawmakers by giving them a significant donation of up to $1 million worth of Solana (SOL) tokens.
The company intends to strengthen the presence of pro-crypto candidates in the US Senate by donating all Solana token donations to the Sentinel Action Fund.
Solana’s Donations
In a social media post on Friday, Multicoin Capital announced special contribution to the Sentinel Action Fund, a political action committee focused on electing candidates who support cryptocurrencies.
The company has pledged to match all SOL token donations made over the next 10 days up to $1 million. By partnering with Sentinel Action Fund, Multicoin Capital aims to amplify the impact of donations and provide critical support to pro-crypto Republican candidates.
Under Jessica Anderson’s leadership, the Sentinel Action Fund supports conservative candidates who advocate for responsible policies. cryptocurrency innovation in America. One such candidate is Senator Bill Hagerty, who is considered a champion of cryptographic innovation.
Senator Hagerty praised the efforts of the Sentinel Action Fund, emphasizing the importance of their on-the-ground efforts in key states to mobilize support for pro-crypto candidates.
Multicoin Capital’s contribution is expected to enhance the resources available to organizations like Sentinel Action Fund, enabling them to promote the election of pro-cryptocurrency senators.
Supporting pro-crypto candidates
Multicoin Capital’s decision to endorse pro-crypto candidates reflects its belief that political engagement is crucial to shaping the future of the cryptocurrency industry.
By supporting candidates who prioritize innovation and sound legislation, Multicoin Capital aims to create an environment that allows the industry to thrive while protecting the rights of millions of Americans. crypto assets.
The firm recognizes the need to elect leaders who understand the potential of cryptocurrencies and advocate for their responsible integration into the U.S. economy. Kyle Samani, Managing Partner at Multichain, said:
Finally, we would like to give a special thanks to all the members of the Solana community who have mobilized to promote the Blinks primitive in support of political and philanthropic operate cases like the one above. This was not possible 3 days ago, but several contributors from different teams have been working day and night to make it happen.
Multicoin Capital’s donation follows a trend of increased political involvement by high-profile figures in the cryptocurrency space. Winklevoss twins, early Bitcoin investors and founders of Gemini exchange contributed $1 million in Bitcoin for former President Donald Trump’s re-election campaign.
Similarly, Jesse Powell, co-founder and CEO of Kraken, donated $1 million in Ethereum (ETH) for former President Donald Trump’s 2024 reelection campaign.
At the time of writing, Solana is back up to $135 after a acute drop on Friday when the token fell to $121. Solana is currently seeing significant losses of 22% per month.
Featured image from DALL-E, chart from TradingView.com