British Labour MPs propose legislation to permanently ban cryptocurrency political donations

TechFlow news, July 10, according to The Guardian, UK Labour Party MPs plan to initiate a rebel vote on the amendment to the "Representation of the People Act" next week, pushing the government to tighten political funding regulation. Core proposals include: permanently banning cryptocurrency donations (rather than the current temporary suspension measures), reducing the campaign spending cap from £34 million to £24.4 million, restricting initial funding sources for new political parties, and introducing a donation review mechanism to prevent foreign interference.

The background of this move is the intensifying funding controversy surrounding Reform UK, involving cryptocurrency entrepreneur Christopher Harborne donating millions of pounds to Farage's party, with relevant transactions having been reported by banks to the UK National Crime Agency (NCA).