UK Lawmakers Urge Ban on Crypto Political Donations Amid Foreign Interference Concerns
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Call for Transparency: Seven UK lawmakers have urged Prime Minister Keir Starmer to include a ban on crypto donations in an upcoming elections bill, emphasizing that political financing must be “transparent, traceable, and enforceable” to prevent foreign interference.
- Risk Warning: Liam Byrne, chair of the Business and Trade Committee, highlighted that crypto can obscure the source of funds and enable micro-donations below disclosure thresholds, posing risks of foreign interference in UK politics, a concern echoed by the Electoral Commission.
- Political Impact: This move could hinder Reform UK, which aimed to be the first political party to accept crypto donations and received a record £9 million cash donation last December, illustrating the potential influence of crypto in political financing.
- International Comparison: Byrne noted that other democracies have already acted on this issue, urging the UK not to wait for a scandal to prompt action, stressing the importance of protecting democracy by ensuring the legitimacy and transparency of donations.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
