A conservative political action committee, the Sentinel Action Fund, backed by the Solana Policy Institute, has pledged a substantial advertising budget to support the opponent of former Senator Sherrod Brown, a prominent crypto skeptic, in the Ohio Senate election. The Sentinel Action Fund and its affiliated nonprofit, Right Vote, have committed $8 million to support Republican candidate Jon Husted, who is running to fill Vice President JD Vance's seat. The committee has criticized Brown, the former chairman of the Senate Banking Committee, for allegedly hindering pro-innovation policies related to digital assets.
The super PAC receives funding from the Solana Institute, crypto venture firm Multicoin Capital, and several prominent financial figures, including Blackstone CEO Stephen Schwarzman and billionaire Paul Singer. A nonprofit, Townsend Six Corp., is the leading donor to the PAC, having provided $8 million from an unidentified donor. The Ohio election is a highly contested Senate battle that will determine the majority of the chamber next year.
Recent polls indicate a neck-and-neck race between Husted and Brown, despite Husted's initial strong lead. The Sentinel Action Fund joins other crypto industry PACs, such as Fairshake and Fellowship PAC, in supporting pro-digital assets candidates. The Solana Policy Institute has donated $750,000 to the Sentinel Action Fund, while also splitting its campaign spending between Republican and Democratic PACs.
The outcome of the Senate election could impact the course of crypto legislation, although the industry has garnered significant bipartisan support in Congress.