Labour MP Pat McFadden proposed banning cryptocurrency donations to political parties in the UK, citing concerns about potential illicit funding and foreign investments. This call comes shortly after Reform UK announced their acceptance of crypto donations, making them the first British political party to do so. McFadden's stance was described as a political move by critics, particularly by Ian Taylor from advocacy group Crypto UK, who argued that concerns over dark money in politics were exaggerated and that adequate identification measures could be implemented for crypto donors. Reform UK asserts they already have Know Your Customer (KYC) protocols in place for larger donations to mitigate risks. The rise in popularity of Reform UK has positioned them as a notable player in UK politics, prompting responses such as McFadden's comments, which reflect a broader unease about the role of cryptocurrencies in political funding. The situation continues to evolve, reflecting the changing landscape of political donations as more parties explore crypto acceptance.

Source 🔗