UK MP Pushes for Ban on Crypto Donations in Political Campaigns

With cryptocurrencies making inroads in the US election, governments around the world are under increasing pressure to regulate digital asset donations. Some countries, including the US, are considering cryptocurrencies as a new form of political fundraising.
While many countries are actively using it, there are growing voices of caution in the UK.
On the 15th, Minister McFadden said that Liam Byrne of the Labour Party
In response to a question from Congressman Byrne, he said, "We should consider banning cryptocurrency donations altogether, because they are difficult to track.
He emphasized that "related laws must continue to be revised to keep up with the times in order to ensure transparency in political funds and the trust of the people."
"Money raising is always controversial, but who is donating, are they legally registered people, what is the legitimacy of the donations, etc. are very important issues," he added.
Meanwhile, in the United States, key figures such as President Donald Trump have openly embraced cryptocurrency supporters, and political leaders have
The use of cryptocurrencies in campaigns is gradually spreading. In comparison, the UK’s cautious approach shows that each country is responding to the intersection of “cryptocurrency and democracy” in different ways.
Minister McFadden and Byrne said that to control the influence of cryptocurrencies in politics, the UK National Crime Agency (NCA) must be
He called for increased financial support for the Democratic Party's National Electoral Commission and the Democratic Party's Democratic Party.
Such arguments were first raised two months ago by Nigel Farage.
Things have heated up since Reform UK, led by Robert Farage, announced it would be the first in the UK to accept political donations in Bitcoin.
The UK anti-corruption watchdog then released a report warning that cryptocurrency donations could increase the likelihood of foreign and criminal funds interfering with UK politics.
He pointed out that this could be a means of intervention.