US EditionPolitical Donations From Overseas To Be Capped At £100,000
- On Wednesday, the British government announced a ban on political cryptocurrency donations and capped overseas contributions at £100,000 annually. Prime Minister Keir Starmer said the government will "act decisively to protect our democracy" from foreign interference.
- Former senior civil servant Philip Rycroft's independent review warned that the "persistent problem" of foreign interests seeking influence had become "more acute" in recent years. His report cautioned that cryptocurrency donations could be "used as the vehicle to channel foreign money into the political system in the UK."
- Reform UK faces immediate financial pressure as the only political party accepting cryptocurrency donations. The party received at least £12 million in the past year from Thailand-based British businessman Christopher Harborne, making it uniquely vulnerable to the government's crackdown.
- The government will introduce amendments to the Representation of the People Bill to enforce the ban. Reform Deputy Leader Richard Tice slammed the move, claiming "cryptocurrencies are a perfectly legitimate way of investing" and signaling his party will seek repeal if elected.
- Transparency campaigners welcomed the restrictions but urged Parliament to go further. Dr. Jess Garland, Director of Policy and Research at the Electoral Reform Society, said a universal cap would prevent politics from being "swamped with massive donations, which now frequently reach into the multiple millions.
15 Articles
15 Articles
UK bans crypto political donations to curb foreign influence
British political parties will be banned from accepting donations in cryptocurrencies, Prime Minister Keir Starmer announced Wednesday, saying illicit finance poses a "stark" danger to the country's democracy. Starmer told lawmakers that "we will act decisively to protect our democracy" from outside meddling. "That will include a moratorium on all political donations made through cryptocurrencies," he said during the weekly Prime Minister's Ques…
Campaigners warn that pause on cryptocurrency donations may need to stay in place indefinitely
Campaigners have welcomed the government’s moratorium on cryptocurrency donations, but warn that it may need to stay in place “indefinitely”. The government announced an immediate pause on crypto donations yesterday following the publication of the Rycroft Review into foreign interference in UK politics. Tom Brake, chief executive of Unlock Democracy, told Left Foot Forward that the democratic reform group supports the moratorium, but “if the mo…
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