Canadian Lawmakers Advance Crypto Donation Ban with Bipartisan Support

A ban on cryptocurrency donations in Canadian politics has moved closer to becoming law after gaining cross-party support in Parliament. The proposed legislation, known as Bill C-25, or the Strong and Free Elections Act, has passed its second reading in the House of Commons and will now be reviewed by a committee. The bill aims to prohibit political contributions made in crypto, citing concerns that such transactions are difficult to trace. If enacted, the ban would apply to all federal political entities, including registered parties, electoral district associations, and candidates. Recipients of illegal crypto contributions would be required to return or remit them to the authorities within 30 days. The legislation has garnered support from both the ruling party and the opposition, with some Conservative lawmakers raising questions about the proposed restrictions but ultimately backing the bill. The lack of resistance to the crypto ban reflects the limited use of cryptocurrency in Canadian politics, with no major federal party having publicly accepted crypto donations in recent elections. The move is in contrast to the United States, where cryptocurrency donations have been permitted since 2014, and the United Kingdom, which recently passed a law banning crypto donations due to concerns over the potential for hiding foreign money in politics.