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FollowingMPs from the UK\'s ruling Labour Party are considering a comprehensive ban on digital asset donations in response to Nigel Farage\'s resignation from Parliament and the possible impact the cryptocurrency billionaire may have on his policies.
The Guardian reported on Thursday that Labour MPs are working to revise existing rules on donations by political parties and candidates. Specifically, lawmakers have proposed making permanent the moratorium on cryptocurrency donations implemented in March this year, after it was revealed that the leader of the British Reform Party personally accepted so-called \"gifts\" from industry figures.
\"The amendments to the Representatives of the People Act that my colleagues and I have introduced are a key safeguard against a broader threat that has led to a $268 million influx of funds and built a huge media-political complex behind British populists.\" Liam Bourne, MP for the North Side of Birmingham\'s Hodges Hill and Solihull and chairman of the Labor Party\'s Business Select Committee, said he called for a permanent ban on cryptocurrency donations.\"We must not allow our already fragile defenses to be eroded again.\"
It is reported that British MPs will consider amendments to cryptocurrency donation measures next week. Farage on Tuesday announced his resignation as a member of the Clatton constituency in response to reports of the donations, which included a $6.7 million \"gift\" provided by cryptocurrency billionaire Christopher Harborne and his team, as well as personnel, security, transportation and accommodation arranged for him by convicted fraudster George Cottrell, who was involved in cryptocurrency casinos.
Farage confirmed in his resignation speech that the British Parliamentary Standards Commissioner was investigating the donations, but said he had \"done nothing wrong.\"
The resignation of the leader of the British Reform Party automatically triggered a by-election in the constituency, saying that \"the people of Kraton should judge my behavior.\" However, it is reported that major political parties, including the Labour Party, the Conservatives, the Liberal Democrats and the Green Party, will not send candidates to the by-election. British Prime Minister Kiel Stammer called Farage\'s resignation a \"desperate stunt.\"
The former mayor of Manchester is expected to become the next British prime minister
British Labour MP Andy Burnham recently won the Makefield constituency seat in a by-election and is expected to become the next British prime minister after Stammer resigned. On Thursday, a week-long nomination window for Labour MPs opened to choose the party\'s next leader, who will also become prime minister.
As mayor of Greater Manchester, Burnham advocated making the city a \"Web3 hub\" and supported the use of digital technology as a tool for economic development. If he gains enough support from Labour MPs to win the leadership race, he may deal with the cryptocurrency donation ban and the Financial Conduct Authority\'s regulation of the industry.
