Investment firm Multicoin Capital promises to match SOL up to $1 million to back crypto friendly candidates

Crypto and blockchain investment firm Multicoin Capital is donating up to $1 million to support pro-crypto Republican lawmakers. 

The firm said it would match every SOL donated up to $1 million over the next 10 days through The Sentinel Action Fund, a conservative super-political action committee. The donation process is powered by crypto exchange Gemini, according to the site. 

"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," said Kyle Samani, managing partner at MultiCoin Capital, in a post on X on Friday. "By making contributions, we’re giving @sentinelaction the tools to increase the number of pro-crypto senators like @BillHagertyTN — an innovator who understands and speaks our language."

Sen. Bill Hagerty, R-Tenn., who sits on the Senate Banking Committee, has introduced a few bills over the past year to regulate crypto, including one that would give exchanges a safe harbor from some Securities and Exchange Commission enforcement actions. 

Other crypto industry folks have donated to candidates over the past few months. Cameron and Tyler Winklevoss donated $2 million worth of bitcoin to former President Donald Trump last month, while Kraken founder Jesse Powell donated $1 million to Trump. Millions have also flooded to other PACs, including super PAC Fairshake . 

Cryptocurrency has emerged as a significant issue in this year’s presidential election, with Trump accepting campaign donations in crypto for his re-election campaign and vowing to protect self-custody. The Biden campaign, meanwhile, has begun reaching out to crypto industry players for guidance on the crypto community and policy decisions, according to previous reporting from The Block. 

The Sentinel Action Fund is supporting Senate candidates Sam Brown in Nevada, Dave McCormick in Pennsylvania, Bernie Moreno in Ohio and Tim Sheehy in Montana, according to its site. Notably, Moreno is challenging Senate Banking Committee Chair Sherrod Brown, D-Ohio, who has been critical of crypto.