With millions in crypto flowing into US elections, governments worldwide face pressure to regulate digital campaign contributions.

On July 17, Cointelegraph reported that Pat McFadden, a British Cabinet Office minister, expressed support for banning cryptocurrency donations in political campaigns, citing the difficulty in tracking the source of such funds. This move stands in stark contrast to the United States, where the crypto industry has invested $134.00 million in pro-crypto candidates. The Reform UK party had previously announced that it would accept Bitcoin donations, becoming the first UK political party to accept cryptocurrencies. Ireland banned such donations in 2022, and several U.S. states have implemented similar restrictions. Anti-corruption watchdogs have warned that cryptocurrency donations could increase the risk of foreign interference in politics. [TechFlow]

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UK MPs Call for Ban on Cryptocurrency Donations in Political Campaigns

According to Cointelegraph, Pat McFadden, Chancellor of the Duchy of Lancaster, has called for a ban on cryptocurrency political donations, citing their difficulty to track. "The UK should always ensure its legislation is up to date to ensure public trust in political financing. The source of funding for democracy is often a contentious area, but I think we need to know who the donors are, whether they are properly registered, and the legitimacy of the donations." [Foresight News]

UK Cabinet Office Minister Calls for Ban on Cryptocurrency Political Donations

Several British members of parliament have recently called for a ban on the use of cryptocurrencies for political donations, citing concerns about their difficulty to track and the potential for foreign interference. Cabinet Office Minister Pat McFadden stated that existing legislation needs to be updated in a timely manner to ensure transparent and credible political financing. Previously, the Reform UK party announced that it would accept Bitcoin donations, drawing widespread attention. Anti-corruption agencies have warned that allowing cryptocurrency donations would increase the risk of criminal funds flowing into the political sphere. In addition to the UK, Ireland, and some US states have also implemented bans on cryptocurrency political donations. (Cointelegraph) [Odaily Planet Daily News]

UK MPs Call for Ban on Cryptocurrency Political Donations

On July 17 (UTC+8), several British members of parliament recently called for a ban on the use of cryptocurrencies for political donations, expressing concerns that they are difficult to track and may lead to foreign interference. Cabinet Office Minister Pat McFadden said that existing legislation needs to be updated in a timely manner to ensure that political financing is transparent and credible. Previously, the Reform UK party announced that it would accept Bitcoin donations, which has attracted widespread attention. Anti-corruption agencies have warned that allowing cryptocurrency donations will increase the risk of criminal funds flowing into the political sphere. In addition to the UK, Ireland, and some US states have also implemented bans on cryptocurrency political donations. [MetaEra]

British MPs Call for Ban on Cryptocurrency Political Donations

On July 17, according to Cointelegraph, several British MPs have recently called for a ban on the use of cryptocurrencies for political donations, fearing that they are difficult to track and may lead to foreign interference. Cabinet Office Minister Pat McFadden said that existing legislation needs to be updated in a timely manner to ensure that political financing is transparent and credible. Earlier, the British Reform Party announced that it would accept Bitcoin donations, which attracted attention from all walks of life. Anti-corruption agencies warned that allowing cryptocurrency donations will increase the risk of criminal funds flowing into the political field. In addition to the UK, Ireland and some states in the United States have also imposed bans on cryptocurrency political donations. [PANews]

UK MPs call for ban on cryptocurrency political donations

UK Cabinet Office Minister Pat McFadden stated that given the difficulty in tracking cryptocurrency donations, the UK needs to ban such political funding to guard against foreign interference and the infiltration of criminal funds. He emphasized that political fundraising must remain transparent, and the public should be clear about the source and legitimacy of donations. Previously, the Reform Party announced that it would accept Bitcoin donations, becoming the first political party in the UK to accept crypto donations. [Cointelegraph]

UK lawmakers push to ban crypto donations in political campaigns

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