INSUBCONTINENT EXCLUSIVE:
While countries like the United States explore crypto as a new campaign fundraising tool, ministers in United Kingdom are sounding the
alarm, with one calling for a ban on crypto donations over concerns about traceability and foreign interference.On Tuesday, Pat McFadden, a
Cabinet Office minister, said he thought there was a case to be made for banning such donations, considering how hard they are to
trace.McFadden addressed the topic after being asked by Labour Party member Liam Byrne about banning crypto fundraising, saying that the UK
they properly registered, what are the bona fides of that donation
anti-corruption watchdog recently released a report that says the risk of foreign entities or funds from criminal origins entering UK
politics is increased by allowing crypto donations
In 2022, Ireland banned all crypto contributions to political entities to protect its democracy from the threat of foreign interference
The amendment also addressed misinformation, transparency requirements for political parties and rules governing foreign donations.In the
US, several states, including Oregon, Michigan and North Carolina, have banned crypto donations to political campaigns due to concerns
around traceability, transparency and compliance with election finance laws
In 2018, California banned crypto donations, but that legislation was repealed in 2022.Related: El Salvador has bought 240 Bitcoin since IMF
non-accumulation agreementEl Salvador, a country that has embraced Bitcoin perhaps more than any other, has no ban on crypto donations
crypto donations rise globally, lawmakers and politicians continue to grapple with the regulatory gaps that digital assets expose
In the US 2024 election alone, cryptocurrency firms spent a cumulative $134 million to support pro-crypto candidates, fueling both momentum
