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Seven senior Labour MPs chairing Commons committees have urged Prime Minister Keir Starmer to ban cryptocurrency donations. They want it to cover parties. The group includes Liam Byrne, Emily Thornberry, and Matt Western. They asked ministers to place a ban in the forthcoming Elections Bill.
The MPs said political finance needs full traceability. They warned that crypto payments can obscure the true origin of funds. They also said hostile states could exploit wallets and intermediaries to mask donors.
The letter pointed to a 2022 US intelligence assessment. It said Russia has spent more than $300 million since 2014 to influence elections abroad. The MPs said such findings strengthen the case for tighter UK safeguards.
The committee chairs said crypto transfers can be split into many small donations. They warned that donors could keep payments below reporting thresholds. They also said investigators can struggle to link wallets to beneficial owners.
UK law already limits donations to permissible sources and requires checks. Yet the MPs said crypto adds technical friction for compliance teams. They want a rule that removes the asset class from party funding. They said this would simplify enforcement and reporting. The Guardian reported that the bill aims to modernise election rules and strengthen political finance controls.
Public records also make measurement difficult. The Electoral Commission database reports overall party donations, but it does not label donations by payment method. CoinDesk reported that only three registered parties have accepted crypto so far.
Reform UK began accepting Bitcoin and other cryptocurrencies in 2025. The move made it the most prominent UK party to open a crypto donation route. Party representatives said they would not accept anonymous crypto donations.
The debate has also focused on large donations linked to crypto wealth. Crypto investor Christopher Harborne made a £9 million donation to Reform UK in late 2025, but reports said he used fiat currency. The MPs’ letter treated the wider trend as a risk driver.
The government has started a parallel review into foreign financial interference in UK politics. It launched the review on 16 December 2025 and appointed former permanent secretary Philip Rycroft to lead it. The government expects findings by the end of March 2026.
Officials have said they prioritise defending UK democracy from hostile states. Media reports have also noted that ministers see technical and legislative hurdles around a crypto ban. The Elections Bill will set the next steps in Parliament.
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