Canadian Lawmakers Advance Proposed Ban on Crypto Donations

Canada is one step closer to banning cryptocurrency donations in politics after a proposed law gained cross-party support and advanced through Parliament. The legislation, known as Bill C-25, or the Strong and Free Elections Act, would outlaw crypto donations due to concerns over their potential to be used anonymously. The bill passed its second reading in the House of Commons and will now be reviewed by a committee. If enacted, the law would apply to all federal political entities, including parties, candidates, and third-party advertisers, and would require recipients of illegal crypto donations to return them within 30 days. The move comes as other countries, such as the UK, have also banned crypto donations, while the US has permitted them since 2014. The Canadian government's push for the ban is driven by concerns over the potential for crypto donations to be used to secretly funnel foreign money into domestic politics.