UK bill targets crypto donations as global money floods right
The UK parliament is set to restrict crypto political donations this week, exposing the growing clash between national election laws and a borderless, multi-billion-dollar crypto-political network.
On Tuesday, the UK’s representation of the people bill returns to the House of Commons for its third reading. The legislation introduces new curbs on political financing, including a temporary moratorium on cryptocurrency donations and a £100,000 annual limit for British citizens living abroad.
These measures are a direct response to the influx of digital assets into British politics, particularly targeting Nigel Farage’s Reform UK. The party has received a £5m personal gift from Christopher Harborne, a Thailand-based investor who has donated in excess of £22m to the party.
The bill will require parliamentary candidates to declare any donation above £2,230, though personal gifts remain exempt, and will subject corporate donors to profit checks. New residents will also face a £100,000 cap for their first year. However, Labour backbenchers argue the government has not gone far enough, with MP Liam Byrne pushing for a permanent ban on crypto donations.
The legislative scramble in London highlights a broader regulatory challenge for Europe. Harborne owns a 12% stake in Tether, a stablecoin issuer that reported profits exceeding $10bn in 2025. Writer Oliver Bullough characterizes Tether as “the most profitable company per-employee that there has ever been,” warning it amounts to “a private central bank” that is “steamrolling the world.”
This is not a uniquely British problem. Donald Trump raked in more than $1.4bn from crypto dealings last year, while the crypto industry spent over $245m on the 2024 US election cycle. The sector has already committed $190m to this year’s US midterms, accounting for over a third of total corporate election spending.
The UK’s attempts to ring-fence its democracy are meeting resistance from wealthy, mobile actors. Ben Delo, the co-founder of crypto exchange BitMex who donated £4m to Reform, has pledged to move back to the UK from Hong Kong to bypass the new rules. “Let’s build a war chest and win back our country,” he said.
For European regulators, the UK debate is a warning. Farage has openly urged London to embrace a sector where “Tether is about to be valued as a $500bn company.” If opaque crypto capital succeeds in shaping British politics, London could become a hub that erodes the boundary between legitimate business and illicit finance. As Bullough notes, after water and electricity, “crypto is just the next one. It’s just money being privatised.”
