Briefing: Banning crypto donations – Why prevention is better than cure

The government’s Representation of the People Bill does not yet contain a ban on crypto donations. The ongoing Rycroft review into foreign influence is also looking at crypto donations and its recommendations, which will be made in March, will be used by the government to inform future amendments to the new elections Bill.

In Westminster, a ban has been backed by seven chairs of key parliamentary committees who have recently written to the Prime Minister highlighting concerns around the risks of foreign interference. Senior MPs, including the Chair of the APPG on Anti-Corruption and Responsible Tax, Phil Brickell MP, have also made calls in Parliament for crypto donations to be prohibited.

Spotlight on Corruption and partner civil society organisations in the UK Anti-Corruption Coalition have also jointly called for a ban on political crypto donations.

There are clearly some in government who have real concerns about the risks that crypto donations bring. The Secretary of State for Housing, Communities and Local Government, Steve Reed, told Parliament in December that cryptocurrency “appears to be potentially a back door for malign foreign actors or states to seek to influence British democracy, and we cannot allow that”.

Read the full briefing by clicking the link below.