According to CoinDesk, on July 5, Multicoin Capital announced that it would donate up to $1 million to support Senate candidates who are positive about cryptocurrencies. The company plans to support four Republican candidates through the conservative super PAC Sentinel Action Fund: Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio, and Tim Sheehy in Montana.

Multicoin will match all SOL tokens donated to Sentinel through the Gemini platform before July 14. Multicoin managing partner Kyle Samani said the move is aimed at supporting candidates who believe that the United States needs to remain free to innovate.