Canadian Lawmakers Advance Proposal to Ban Crypto Donations in Politics

A proposed ban on cryptocurrency donations in Canadian politics has taken a significant step towards becoming law, gaining cross-party support and proceeding to committee for further examination. The legislation, known as Bill C-25, or the Strong and Free Elections Act, aims to restrict crypto donations due to concerns over their traceability. If passed, the ban would apply to all federal political entities, including parties, candidates, and third-party advertisers. In the event of an illegal crypto donation, recipients would be required to return the funds within 30 days. The bill's progression comes after Canada's Chief Electoral Officer recommended a ban on crypto donations in 2024, citing the difficulty in verifying the identities of contributors. The move is in contrast to the US, where crypto donations have been permitted since 2014, and follows a similar ban implemented in the UK earlier this year.