UK debates donation cap after record Reform UK crypto gifts

The House of Lords opened debate on Monday on legislation that would cap overseas political donations and ban cryptocurrency contributions, following record-breaking gifts to Reform UK that have ignited a fierce debate over political funding. The party received £72 million from two British cryptocurrency billionaires, Ben Delo and Christopher Harborne, who each donated £36 million over the weekend. The donations, confirmed by the Electoral Commission, are the largest single contributions in British political history. They have prompted urgent parliamentary scrutiny of the Representation of the People Bill, which would limit donations from British citizens living abroad to £100,000 per year, backdated to March 25. The bill would also prohibit parties from accepting donations in cryptocurrency. During the bill's second reading in the Lords, supporters argued the measures are necessary to protect democracy from foreign influence and opaque funding sources. Sharon Taylor, a Labour minister, warned that crypto assets make it difficult to trace the true origin of donations, creating a risk that malign actors could obscure their involvement.