UK Plans To Ban Cryptocurrency Political Donations (theguardian.com) 24
The UK government plans to ban political donations made in cryptocurrency over fears of anonymity, foreign influence, and traceability issues, though the ban won't be ready in time for the upcoming elections bill. The Guardian reports: The government's ambition to ban crypto donations will be a blow to Nigel Farage's Reform UK party, which became the first to accept contributions in digital currency this year. It is believed to have received its first registrable donations in cryptocurrency this autumn and the party has set up its own crypto portal to receive contributions, saying it is subject to "enhanced" checks. Government sources have said ministers believe cryptocurrency donations to be a problem, as they are difficult to trace and could be exploited by foreign powers or criminals.
Pat McFadden, then a Cabinet Office minister, first raised the idea in July, saying: "I definitely think it is something that the Electoral Commission should be considering. I think that it's very important that we know who is providing the donation, are they properly registered, what are the bona fides of that donation." The Electoral Commission provides guidance on crypto donations but ministers accept any ban would probably have to come from the government through legislation. "Crypto donations present real risks to our democracy," said Susan Hawley, the executive director of Spotlight on Corruption. "We know that bad actors like Russia use crypto to undermine and interfere in democracies globally, while the difficulties involved in tracing the true source of transactions means that British voters may not know everyone who's funding the parties they vote for."
Pat McFadden, then a Cabinet Office minister, first raised the idea in July, saying: "I definitely think it is something that the Electoral Commission should be considering. I think that it's very important that we know who is providing the donation, are they properly registered, what are the bona fides of that donation." The Electoral Commission provides guidance on crypto donations but ministers accept any ban would probably have to come from the government through legislation. "Crypto donations present real risks to our democracy," said Susan Hawley, the executive director of Spotlight on Corruption. "We know that bad actors like Russia use crypto to undermine and interfere in democracies globally, while the difficulties involved in tracing the true source of transactions means that British voters may not know everyone who's funding the parties they vote for."
Weird (Score:2, Funny)
Re: Weird (Score:5, Informative)
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The people at the top of the pyramid (scheme) want you to believe that, but it's not true. [coinledger.io].
Re: Weird (Score:4)
I'll Believe It When It Happens (Score:2, Offtopic)
I'll believe it when it happens. Not until then.
The same goes for term limits and banning insider trading in the U.S. congress.
News flash! They aren't going to vote to limit themselves.
Re: (Score:2, Informative)
the UK is not in the USA
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Sure they are. They might not always want to admit it, but they are.
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So Labour are banning crypto donations because it will hurt their political opponents.
That's a plausible, if cynical, take on the situation.
On the flipside, who exactly would donate to Reform with crypto but not through a simple bank transfer? I'm trying to imagine a non-shady scenario where a donor wants to give cash to a political party but is unable to do so because crypto isn't an option.
It is also about shyness (Score:2)
Truth be told though, nothing stops folks donating to a proxy organisation which passes on the funds from there. As long as the organisation does not publicly say the money will
In completely unrelated news... (Score:5, Funny)
...Nigel Farage has announced upcoming lines of sneakers, watches, and mobile phones.
None of which will be purchased en masse by Russian political operatives, of course. None at all.
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Are these Russian political operatives in the room with us right now?
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Are these Russian political operatives in the room with us right now?
Nope, they're in the room with Nigel Farage. Same as they've always been (except for the times they were meeting with Aaron Banks).
Re: In completely unrelated news... (Score:2)
Re: (Score:2)
Why not ban ALL political donations?! (Score:4, Insightful)
\o/ (Score:2)
Are existing records of political donations accompanied by exhaustive details of which legislation has been paid for?
Political Donation? (Score:1)
Using cryptocurrency or not, isn't "Political Donation" a synonym of "Corruption"?
US: "Hold my beer" (Score:2)
At least the UK hasn't sunk that low yet.