Reform UK insists that tens of millions of pounds in financial contributions received from two cryptocurrency entrepreneurs comply fully with existing regulations. The party's economic spokesperson, Robert Jenrick, expressed confidence that the organisation will not be required to surrender the funds.

The statements come as Westminster advances legislative proposals targeting financial contributions made to domestic political groups by citizens residing abroad. Under the proposed measures, individuals living overseas would face a restriction limiting contributions to £100,000, with the implementation date backdated to late March.

Cryptocurrency figures Ben Delo and Christopher Harborne each provided £36 million to Reform UK over a 48-hour period, tying the record for the largest financial contribution ever given to a British political organisation. Jenrick maintained during a broadcast appearance that the financiers were not attempting to secure influence, but instead genuinely backed the party's platform.

Jenrick also noted that one of the financiers, Delo, has relocated back to the United Kingdom to align with the evolving regulatory framework. He suggested that ministers might introduce further restrictions to create obstacles for donors who support Reform UK, though he reiterated that the current funds remain lawful.

Housing Secretary Angela Rayner defended the legislative adjustments, stating they stem directly from recommendations issued in a formal review led by former senior civil servant Philip Rycroft. Rayner declined to comment on whether the specific contributions from the two cryptocurrency entrepreneurs would be directly affected, citing a lack of familiarity with their precise personal circumstances.

The government has formally notified the Electoral Commission regarding the matter to explore additional safeguards for safeguarding domestic democratic processes. The proposed rules remain subject to further parliamentary review as the legislation moves forward through the House of Lords.

Reporting based on coverage first published by BBC News. Read the original report at BBC News.