UK MPs Call for Ban on Cryptocurrency Donations in Political Campaigns

On July 17, Cointelegraph reported that Pat McFadden, a British Cabinet Office minister, expressed support for banning cryptocurrency donations in political campaigns, citing the difficulty in tracking the source of such funds. This move stands in stark contrast to the United States, where the crypto industry has invested $134.00 million in pro-crypto candidates. The Reform UK party had previously announced that it would accept Bitcoin donations, becoming the first UK political party to accept cryptocurrencies. Ireland banned such donations in 2022, and several U.S. states have implemented similar restrictions. Anti-corruption watchdogs have warned that cryptocurrency donations could increase the risk of foreign interference in politics. [TechFlow]