Overview
- Seven senior Labour MPs, led by Liam Byrne, wrote to the prime minister calling for a prohibition on cryptocurrency political donations in the forthcoming Elections Bill.
- They argue that digital asset transfers are opaque, hard to verify and susceptible to foreign interference, posing risks to democratic integrity.
- The MPs cite a 2022 U.S. intelligence assessment that Russia spent more than $300 million influencing elections worldwide using various channels, including cryptocurrency.
- UK rules currently allow crypto donations under the same disclosure regime as other contributions, though only a small number of parties have reported receiving them; Reform UK has accepted crypto while a high-profile £9 million gift from Christopher Harborne was in fiat.
- Ministers and the Electoral Commission have previously flagged crypto donations as a weak spot, the government has not yet responded to the letter, and a separate review led by Philip Rycroft is due to report in March.