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UK Labour lawmakers consider making March crypto donation moratorium permanent
The proposal follows reporting that Reform leader Nigel Farage accepted millions of pounds in crypto-linked “gifts,” and lawmakers plan to consider amendments next week.
UK lawmakers are weighing a permanent ban on crypto donations after Labour MPs proposed turning a March moratorium into a longer term measure, according to Cointelegraph. The move comes after reporting linked millions of pounds in contributions to Reform leader Nigel Farage and concerns about crypto figures influencing policy.
Cointelegraph reports that Labour MPs are looking to overhaul existing rules on political party and candidate donations, with the intent of blocking additional crypto-linked funding. Labour chair of the business select committee Liam Byrne said the amendments are meant as safeguards against the threat he described as large sums entering politics and building what he called a media political complex behind populists in Britain.
Farage resigned from Parliament on Tuesday, Cointelegraph adds, following reports about the contributions he accepted. The coverage included a 6.7 million US dollar “gift” from crypto billionaire Christopher Harborne and other support for Farage staff, security, transport, and accommodation involving George Cottrell, a convicted fraudster connected to a crypto casino.
Cointelegraph also says UK lawmakers are expected to consider amendments to the proposed crypto donation measures next week. Separate from the donation debate, the article notes Andy Burnham is expected to be the country’s next prime minister following Keir Starmer’s resignation.