Reform UK's £72m Crypto Windfall Faces Retrospective Donor Rules

UK Housing Secretary Angela Rayner has warned that Reform UK's massive £72m donation from two cryptocurrency billionaires may be subject to new donor rules. The rules, part of the Representation of the People Bill, would cap donations from British citizens living overseas at £100,000 a year and make them retrospective, dating back to March.

The £72m comes from Ben Delo and Christopher Harborne, who handed over £36m each in just 24 hours. This is the largest individual donation to a UK political party on record. Rayner said it's a 'really live question' whether Reform will have to return the money.

The government aims to close loopholes in election funding by targeting donors who don't pay taxes in the UK or live abroad. Harborne has been based in Thailand for decades and holds Thai citizenship, while Delo recently returned to Britain after living in Hong Kong. Reform claims both men are British citizens entitled to donate.

Reform's Treasury spokesman Robert Jenrick said the party had 'no reason' to return the money and insisted it was lawful under current rules and forthcoming legislation.