Coinbase criticises UK ban on political donations in virtual assets

JH Kim

Summary

The UK government said it banned political donations made through virtual assets, citing the need to protect national security and democracy.
Coinbase said it has taken a critical stance on the UK's ban on political donations funded with virtual assets.
Coinbase argued that restricting payment methods is inefficient and that identity verification and oversight of the source of funds are key.

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Coinbase has criticised the UK government's move to ban political donations funded with virtual assets (cryptocurrencies).

According to DL News, a digital-asset industry outlet, the UK government previously prohibited political donations made via virtual assets, citing the need to protect national security and democracy.

In response, Tom Duff Gordon, Coinbase's vice president for international policy, said that "restricting the payment method itself is inefficient," adding that "the key is identity verification and oversight of the source of funds."

The dispute is once again bringing renewed attention to the principle of technology neutrality in debates over how virtual assets should be regulated.