In a move to bolster support for cryptocurrency-friendly politicians in the United States, crypto investment firm Multicoin Capital on Friday announced a matching campaign for donations made to the Sentinel Action Fund.
Kyle Samani, managing partner at Multicoin Capital, revealed the initiative in a detailed Twitter (aka X) thread, emphasizing the importance of political engagement in shaping the future of cryptocurrency regulation.
The campaign, set to run for 10 days, will see Multicoin Capital matching all donations made in Solana (SOL) tokens to the Sentinel Action Fund, up to a total of $1 million.
"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," Samani stated.
The Sentinel Action Fund, a political action committee (PAC), focuses on electing crypto-friendly candidates to the U.S. Senate. Under the leadership of Jessica Anderson, the PAC is backing conservative candidates who support responsible crypto innovation in America.
Samani highlighted the endorsement of Senator Bill Hagerty, a known champion of crypto innovation.
"We can't win without [get out the vote] efforts, and Sentinel Action Fund 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,” said Hagerty, according to Samani’s tweet thread.
The initiative comes at a crucial time for the cryptocurrency industry, with Samani claiming that “it's clear that our industry's future is at stake, and that we need to do everything in our power to elect pro-crypto candidates that will see sensible legislation brought to the floor."
To facilitate donations, Multicoin Capital has partnered with Dialect to implement a donation "Blink" system, using a recently added Solana network feature, allowing for direct contributions from Twitter using Backpack wallets, with Phantom wallet support expected in the near future.
"When you make your donation here on X, the Blink will provide all the information that is needed for FEC compliance purposes," Samani explained.
The matching campaign aims to amplify the impact of individual contributions.
"If you make a contribution in SOL during this period, we'll double the impact of your contribution with our match," Samani stated, directing potential donors to the Sentinel website. Samani also expressed gratitude to the Solana community for rapidly developing the technology to support this initiative.
"This wasn't possible three days ago, but several contributors across teams worked day and night to make it happen," he noted.