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>>UK backbenchers' group urges a total prohibition on cryptocurrency political contributions

UK backbenchers' group urges a total prohibition on cryptocurrency political contributions

crypthub

about 9 hours ago

Call for Ban on Crypto Donations

A group of seven senior Labour MPs has written to Prime Minister Keir Starmer urging a total ban on cryptocurrency contributions to political parties. They ask the upcoming Elections Bill to contain explicit language forbidding such donations. The backbenchers cite evidence gathered during committee hearings.

Government Response and Recent Push

The government has already signaled plans to outlaw crypto donations, with details to be set out in the Elections Bill. The move gained urgency after Reform UK received a £9 million crypto gift from investor Christopher Harborne. A review of foreign financial interference, led by Philip Rycroft, will examine crypto risks but will not finish until 2026.

Key Concerns Highlighted

Committee chairs warn that crypto can hide donors, enable micro‑gifts below disclosure thresholds, and open UK politics to foreign influence. They also note that AI could further obscure funding sources. The group stresses that transparency, traceability and enforceability are essential for democratic finance.

Political Backing

Liam Byrne says he will push amendments to the bill if necessary, expecting broad MP support. Emily Thornberry adds that crypto is increasingly used as a Russian slush fund against democracy. The committee maintains the stance is about safeguarding elections, not stifling innovation.