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BTC The House of Lords opens debate on the Representative of the People Bill, proposing to completely ban political donations in cryptocurrencies
On September 14, the British House of Lords began a debate on the Representative of the People Bill. The bill contains a number of measures, including a comprehensive ban on donations of cryptocurrencies to British political parties. The timing of the legislative process is profound: as the House of Lords goes into its second reading, just days after the Reform Party received the two largest single donations in British political history.
Record donations rewrite rules
The two huge donations came from Ben Delo, co-founder of cryptocurrency derivatives exchange BitMEX, and Christopher Harborne, a British investor who holds a large stake in stablecoin issuer Tether. The two men each donated £ 36 million over two days. Dellow's donation set a record for a single donation from a British political party until Harborne tied the record with the same amount the next day. The two donations totaled 72 million pounds (approximately US$970 million).
It is worth noting that both donations were paid in cash in pounds sterling rather than digital tokens. Currently, Dellow and Harborne jointly hold the record for the largest single donation in the UK. The previous record holder was businessman John Sainsbury, who donated £ 10 million to the Conservative Party in 2023.
Nigel Farage said the donations did not violate any laws. The Reform Party insists that both contributions are in compliance with the regulations and that no official agency has publicly declared either of the donations illegal.
Main content and background of the bill
The bill proposes a series of measures on political financial management, including restricting political donations from overseas voters, suspending political donations through crypto assets, and updating the "Know Your Donor" due diligence requirement. Under the current version of the bill, British citizens living abroad will face a £ 100,000 cap on political donations.
The terms governing donations of crypto assets stem from the independently released Rycroft Review. The review was launched in December 2025 and aims to investigate the interference of foreign funds in British politics. On March 25, 2026, the review report recommended a moratorium on political donations made through crypto assets, and the government immediately announced that it would propose amendments to include the People's Representatives Act to achieve this goal. The current amendment proposes a comprehensive ban on cryptocurrency donations.
During a debate in the House of Lords, former Prime Minister Theresa May pointed out that the bill did not cover gifts to individual candidates, a loophole that attracted the attention of House members. In addition, the two huge donations have also intensified calls for a broader cap on overall political donations. Previously, a parliamentary committee warned that cryptocurrency donations pose an "unnecessary and unacceptably high risk" to the integrity of the political and financial system.
It is not yet possible to confirm whether Dereau and Harborne's donations were paid directly in cryptocurrency, which means that the existing suspension period may not directly apply to these two donations. The House of Lords is expected to continue in-depth debate on the bill before a formal vote.
