Seven Labour Party MPs, including Liam Byrne, are urging UK Prime Minister Keir Starmer to ban crypto political donations in the upcoming Elections Bill due to transparency and foreign interference concerns.
The call reflects fears of cryptoโs potential misuse in politics, especially following Reform UKโs plan to accept crypto donations, raising questions about financial transparency.
Seven Labour Party MPs have urged Prime Minister Keir Starmer to ban cryptocurrency political donations amid the upcoming Elections Bill. They emphasize risks to transparency, traceability, and potential foreign interference in elections.
The appeal was co-signed by Liam Byrne, Chair of the Business and Trade Select Committee, alongside prominent committee chairs, signaling heightened concern over the role of cryptocurrency in politics. Reform UK seeks to accept digital donations by 2025.
The proposed ban has not yet detailed any financial allocations or institutional backing. Debates have surfaced regarding Bitcoin and Ethereum donations, especially following a substantial donation from a Thailand-based investor. Liam Byrne, Chair of the Business and Trade Select Committee, Labour Party, urged, โWe must act now to preserve the integrity of our political system and ban cryptocurrency donations to prevent risks associated with transparency and foreign influence.โ
Financial analysts consider the proposalโs impact on funding channels and the political landscape in the UK. Additionally, a public petition to ban crypto party donations reflects growing public concern despite needing more signatures for government discussion.
Past international precedents include the US accepting crypto donations since 2014. Other countries like Canada and Ireland have banned them. BTC and ETH remain focal points in the ongoing policy conversations.
Experts from CoinSpeaker highlight the challenges of enforcing crypto bans given their pseudonymous nature. The complexity stems from balancing transparency with technological advancement in finance.
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