Labour lawmakers proposed a full moratorium on crypto donations in March, which some have sought be made permanent after millions of dollars in contributions were linked to Reform leader Nigel Farage.
Members of the UK’s ruling Labour party are considering a total ban on digital asset donations in response to Nigel Farage's resignation from Parliament and the potential influence crypto billionaires had on his policies.
The Guardian reported Thursday that Labour MPs are looking to overhaul existing rules on donations to political parties and candidates. Specifically, lawmakers have proposed that a moratorium on crypto donations enacted in March be made permanent after it was revealed that the Reform leader personally accepted millions of British pounds in what he called “gifts” from industry figures.
“Amendments to the representation of the people bill which my colleagues and I have tabled are vital safeguards against the wider threat that’s seen [$268 million] come flooding in to build a whole media political complex behind populists in Britain,” said Liam Byrne, MP for Birmingham Hodge Hill and Solihull North and the Labour chair of the business select committee calling for a permanent crypto donation ban. “We simply cannot afford to let our crumbling defenses be undermined any further.”
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