London — The House of Lords has opened debate on legislation that would cap political donations from British citizens living overseas and ban cryptocurrency contributions, days after Reform UK received a combined £72 million from two cryptocurrency billionaires — the largest single donations in British political history.
Ben Delo and Christopher Harborne, both British-born and long-time overseas residents, each donated £36 million to Nigel Farage’s Reform UK within two days. The gifts, reported via the Electoral Commission, shatter the previous record set by a £10 million bequest to the Conservatives in 2023. Together the sums exceed the total donations received by all UK parties in the previous year.
The record donations
Neither gift was made in cryptocurrency. Britain imposed a moratorium on crypto political donations in March 2026. Delo, co-founder of the BitMEX exchange, and Harborne, a major Tether investor based for years in Thailand, have previously supported Reform with multimillion-pound sums. Reform has said the new funds will be used to hire policy experts and campaign managers ahead of the next general election, expected by 2029.
Both donors have faced prior scrutiny. Delo pleaded guilty in the United States to anti-money-laundering failures at BitMEX and received a presidential pardon in 2025. Harborne has given large sums to Reform and other parties in the past.
The proposed rules
The Representation of the People Bill, already passed by the House of Commons, would:
- Cap total annual donations and regulated loans from overseas electors at £100,000, applied retrospectively from 25 March 2026
- Impose a complete moratorium on cryptocurrency donations of any value until Parliament and the Electoral Commission are satisfied that regulation is robust enough to ensure transparency
The measures stem from an independent review into foreign financial interference published earlier this year. Ministers have argued that untraceable crypto assets and large overseas gifts risk allowing external influence into UK elections. Parties would have a limited period to return any donations that fall foul of the new rules once the law takes effect.
Political reaction
Reform UK has insisted the donations are legal under current rules and that the donors seek “nothing” in return. Party figures have accused the government of attempting retrospective changes aimed at limiting their funding. Labour ministers have kept open the possibility of further tightening, including broader donation caps, while noting that the existing bill still contains potential loopholes, such as converting crypto into cash before donating or gifts to individual candidates rather than parties.
Transparency campaigners have called the £72 million haul an “irrefutable case” for stricter limits, warning that unlimited mega-donations can distort democratic competition.
The bill continues its passage through the House of Lords. If enacted, the overseas donation cap and crypto ban would apply across all UK elections.