UK lawmakers are intensifying debates over cryptocurrency donations in political campaigns, focusing on potential risks to electoral transparency, foreign influence, and regulatory gaps. The scrutiny follows the Reform Party’s acceptance of Bitcoin contributions, which has raised alarms about opaque funding sources compromising election integrity.
Legal expert Tom Spiller underscored that existing UK regulations require comprehensive disclosure for donations exceeding £500, including full donor identification and transaction verification. Despite these safeguards, Transparency International UK warns that cryptocurrency’s anonymity features could be exploited to bypass transparency measures.
The debate further examines risks of foreign interference through crypto lobbying channels, referencing concerns previously observed in US elections involving super PACs. While current laws aim to balance financial security with transparency, officials acknowledge that cryptocurrency presents unique challenges for enforcing campaign finance accountability and ensuring donor traceability.