UK Urged to Temporarily Ban Cryptocurrency Political Donations

The chairman of the UK's National Security Committee, Matt Western, has called for an urgent temporary ban on cryptocurrency political donations to prevent foreign interference in UK elections. According to BlockBeats, Western emphasized the need to halt such donations until the risks associated with them, including thorough checks on the sources of funds, are addressed. The committee also advocates for a review of penalties for electoral offenses, suggesting that stronger deterrents are necessary. Western has written to Cabinet Minister Steve Reed, who is responsible for election finance, urging immediate action. This follows the omission of cryptocurrency donation restrictions in the new election bill. Earlier this year, the Reform UK party became the first to announce its acceptance of digital currency donations, reportedly receiving the first registrable cryptocurrency donations and establishing a dedicated crypto portal. In his letter, Western expressed concerns that the deteriorating global security environment could increase the risk of foreign interference in UK political finance ahead of the next election.