A group of Labour MPs led by Liam Byrne want to ensure that crypto never becomes the preferred currency of British political fundraising. They’ve tabled amendments to the Representation of the People Bill that would turn the UK government’s temporary freeze on cryptocurrency donations into a permanent ban.
The timing is not subtle. Reform UK has been swimming in private donations, roughly £9 million in the first quarter of 2026 alone, outpacing both Labour and the Conservatives. A significant chunk of that money came from crypto entrepreneurs, and Labour lawmakers are making the argument that digital assets are too opaque to belong anywhere near democratic elections.
How we got here
The UK government enacted a temporary moratorium on political donations made in crypto assets on March 25, 2026. That decision came alongside a £100,000 cap on donations from overseas British voters, both measures shaped by the Rycroft Review’s findings on foreign interference risks in political finance.
Reform UK sits at the center of this storm. BitMEX co-founder Ben Delo contributed £4 million to the party, while Christopher Harborne’s total donations reached £15 million over the preceding year.
