Labour MPs Propose Amendments to Ban Crypto Donations and Lower Spending Limits in Funding Bill

Labour MPs plan to rebel next week over the government’s reforms to political funding by tabling amendments to the representation of the people bill. The Guardian reported that MPs on the all-party anti-corruption group are canvassing support for four changes that would impose a permanent ban on donations made in digital currencies, reduce overall campaign spending limits, restrict initial party funds, and add checks for foreign interference risks.

Liam Byrne, Labour chair of the business select committee, has tabled an amendment for the cryptocurrency donation ban.

His amendment had at least 20 signatures by midday on Thursday. Anneliese Dodds has tabled an amendment to reduce campaign spending limits from £34m to £24.4m. ” Yuan Yang has proposed limits on how much money a party can hold when first established, following the emergence that Rupert Lowe’s party Restore Britain started with £2.5m in the bank without declaring the source.

Mark Sewards has tabled an amendment to introduce checks on donations for risks of foreign interference. The Guardian reported that Reform UK received millions of pounds from cryptocurrency entrepreneurs Christopher Harborne and George Cottrell, with several transactions flagged by bankers to the National Crime Agency over the last 48 hours.

Nigel Farage triggered a by-election in his Clacton-on-Sea seat in response to the funding questions.

The government’s amendments include a £100,000 cap on donations from expats for one year after returning to the UK. Stella Creasy proposes a £100,000 cap on all individual donations. A Ministry of Housing, Communities and Local Government spokesperson said the government will keep looking for ways to strengthen the bill.