Chair of UK Parliament Committee Calls for Ban on Cryptocurrency Political Donations

According to ChainCatcher, citing The Block, seven chairs of parliamentary committees in the UK have jointly written to the government, urging a comprehensive ban on cryptocurrency political donations in the upcoming Election Bill. Liam Byrne, Chair of the Business and Trade Committee, and others believe that cryptocurrency donations could undermine the transparency and traceability of political funding and expose UK politics to the risk of foreign interference.

This move increases pressure on the Labour government. Although the government acknowledges that cryptocurrency donations pose a risk to election integrity, due to the complexity of implementation, such measures may not be included in the bill in the short term. Reform UK became the first political party in the UK to accept bitcoin donations last year, with its leader Nigel Farage framing the move as part of a broader "crypto revolution."