BlockBeats News, July 6th – The UK government announced a new round of political donation reform, proposing to extend the cap on overseas donations to £100,000 to donors in their first year of becoming UK residents, and to raise the scrutiny standards for corporate political donations to further restrict foreign funds flowing into UK politics. Building on the ban on cryptocurrency political donations in March this year, the new regulations are expected to be submitted for final parliamentary review next week.

Analysts believe that the new rules could impact the political donation capabilities of major supporters of the UK Reform Party in the cryptocurrency industry. Among them, investor Christopher Harborne, who holds about 12% equity in Tether, has cumulatively donated around £12 million to the Reform Party and is registered as a UK voter; Ben Delo, co-founder of BitMEX, has donated approximately £4 million and has stated his intention to settle in the UK, which may subject his political donations within the first year of his return to the UK to the £100,000 cap.

Reports indicate that the donations in question were not made in cryptocurrency form, and the Reform Party has stated that all donations comply with current regulations. Meanwhile, party leader Nigel Farage is facing further investigation for allegedly failing to declare non-cash support provided by supporter George Cottrell.