Multicoin Capital, an investment firm that concentrates on tokens and blockchain companies, will double every Solana (SOL) donated to the Sentinel Action Fund super political action committee (PAC) through July 14. Donations will support the campaigns of four pro-crypto Republican challengers for United States Senate seats.
The Sentinel Action Fund is supporting Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio and Tim Sheehy in Montana. All of them received A ratings (“strongly supports crypto”) from the Coinbase-backed Stand With Crypto organization.
What makes a pro-crypto PAC
Multicoin Capital managing partner Kyle Samani noted in an X thread that the Sentinel Action Fund is “backing conservative candidates who want to ensure crypto can responsibly innovate in America.” The PAC’s website states:
“The Sentinel Action Fund is the only conservative Super PAC advancing Pro-Crypto Candidates and supporting Pro-Crypto Innovation in America.”
Its claim seems to be true based on the candidates it supported and opposed in 2022. According to Open Secrets, the Sentinel Action Fund, founded in 2022, spent $10.2 million to oppose five Democratic candidates and $3 million to support 11 Republicans in that election cycle. It spent all but $191,702 of the funds it raised.
The Sentinel Action Fund accepts donations in many cryptocurrencies. A dropdown menu lets contributors use Solana. Solana is one of several crypto assets in Multicoin Capital’s portfolio.
Partisanship over crypto support
Moreno is running against Sen. Sherrod Brown, who has an F rating (“strongly against crypto”) on Stand With Crypto. Brown is often seen as an ally of Massachusetts Sen. Elizabeth Warren. Sheehy is opposing C-rated Jon Tester. McCormick is facing C-rated Bob Casey, and Brown hopes to unseat A-rated Jacky Rosen.
Jacky Rosen received an A from Stand With Crypto mainly based on her support for the SAB 121 House Joint Resolution. There are 62 Democratic politicians who received A ratings from Stand With Crypto. They are far outnumbered by A-rated Republicans.
The Sentinel Action Fund was launched by Jessica Anderson, who was executive director of Heritage Action, the political action arm of the well established Heritage Foundation. She has taken a leave of absence from Heritage Action to concentrate on the new PAC.