UK Lawmakers Call for Ban on Cryptocurrency Donations in Political Campaigns

According to Jinse Finance, UK Cabinet Office Minister Pat McFadden has expressed support for banning cryptocurrency donations in political activities, citing the difficulty in tracing the source of such funds. This move stands in stark contrast to the United States, where the crypto industry has already contributed $134 million to pro-crypto candidates. The UK Reform Party previously announced that it would accept Bitcoin donations, becoming the first political party in the UK to accept cryptocurrency. Ireland banned such donations in 2022, and several US states have also implemented similar restrictions. Anti-corruption watchdogs have warned that cryptocurrency donations could increase the risk of foreign interference in politics.