United Kingdom (U.K.) Prime Minister Keir Starmer faces growing pressure from senior Labour backbenchers to impose a full ban on cryptocurrency donations to political parties. This comes as lawmakers warn that digital assets and artificial intelligence (AI) are making foreign interference cheaper and harder to track.
According to a report by The Observer, Liam Byrne, the chairman of the Business and Trade Committee, joined six other committee chairs in an open letter to Starmer urging him to use a forthcoming elections bill to explicitly disallow the use of cryptocurrency. The group includes Foreign Affairs Committee Chairwoman Emily Thornberry and Matt Western, who heads the Joint Committee on National Security Strategy.
The lawmakers expressed concern that the pseudonymous nature of digital currencies allows hostile foreign states or malign groups to bypass existing regulations. They also warned that AI could further obscure the source of political funds, effectively lowering the cost of foreign interference by automating the process of hiding financial trails.
Byrne said that anonymous money has no place in British democracy and described the current legislative window as a vital moment to act.
“When technology makes foreign interference cheaper, faster and harder to trace, the answer isn’t an open door. We have to bolt the door shut,” Byrne said.
The lawmaker added that if the elections bill does not include a ban, he intends to move amendments to ensure one is implemented.
Under current U.K. rules, parties and individuals can accept cryptocurrency donations as long as they undergo standard permissibility checks. Only three registered parties currently accept such funds, with Reform UK being the most prominent. The party has confirmed it has received at least one cryptocurrency donation.
Read more: Crypto Investor Gives Nigel Farage’s Reform UK Record-Shattering $12 Million Donation
The U.K. government has not yet committed to an outright ban, though officials say the matter remains under consideration. A review into foreign financial interference led by former senior civil servant Philip Rycroft is expected to conclude in March, but the backbenchers argue that the elections bill, expected later this month, provides a more immediate opportunity for reform.
Thornberry described cryptocurrency as a “slush fund of choice” for Russia, citing evidence gathered during committee sessions on threats to global democracy. A spokesperson for the Ministry of Housing, Communities and Local Government said that tackling foreign financial interference is a priority for the Secretary of State.
Other signatories to the letter include Tan Dhesi, chairman of the Defence Committee; Florence Eshalomi, chairwoman of the Housing, Communities and Local Government Committee; Chi Onwurah, chairwoman of the Science, Innovation and Technology Committee; and Andy Slaughter, chairman of the Justice Committee.
- Why are Labour MPs urging a ban on crypto donations? They warn that digital assets let foreign actors bypass U.K. election rules.
- What role does AI play in this concern? Lawmakers say AI makes hiding political funds cheaper and harder to trace.
- Which parties currently accept cryptocurrency in Britain? Only three parties do, with Reform UK the most prominent.
- Has the government committed to a ban yet? Ministers say it’s under review, but no outright ban has been confirmed.
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