Members of Britain’s ruling Labor Party are considering a blanket ban on the transfer of digital assets in response to Nigel Farage’s resignation from parliament and the potential influence that crypto billionaires had on his policies.

The Guardian reported on Thursday that Labor MPs are looking for this renovate existing rules on donations to political parties and candidates. In particular, legislators proposed that a moratorium on crypto donations passed in March will be made lasting following revelations that the reform leader had personally accepted millions of British pounds in what he called “gifts” from industry figures.

“The amendments to the Citizens Bill that my colleagues and I have tabled are an vital safeguard against the broader threat that can be seen [$268 million] are pouring in to build an entire media-political sophisticated behind the populists in the UK,” said Liam Byrne, MP for Birmingham Hodge Hill and Solihull North and chair of the Labor Party’s industry committee, calling for a permanent ban on cryptocurrency transfers. “We simply cannot afford to weaken our crumbling defenses any further.”

Source: Liam Byrne

British lawmakers will reportedly consider amendments to cryptocurrency donation measures next week. Farage announced on Tuesday that he would resign as MP for Clacton in response to reports of payments that included a $6.7 million “gift” from crypto billionaire Christopher Harborne and the staff, security, transportation and accommodation of George Cottrell, a convicted fraudster involved in a cryptocurrency casino.

Farage, in his resignation speech, confirmed that Britain’s Parliamentary Standards Commissioner was investigating the donations, but said he had “done nothing wrong”.

Related: Bank of England governor denies Farage lobbying influenced CBDC policy: report

The resignation of the Reform UK leader automatically triggered a by-election in the area, in which he stated that “the people of Clacton should be the judges of my actions”. However, according to reports, the main political parties, including Labour, Conservatives, Liberal Democrats and Greens, will not do this field candidates for the by-election, with British Prime Minister Keir Starmer calling Farage’s resignation a “desperate ploy”.

The former mayor of Manchester is on track to become Britain’s next prime minister

Andy Burnham, a British Labor MP who recently won a by-election to become the MP representing Makerfield, is expected to become the country’s next prime minister after Starmer’s resignation. On Thursday, a one-week window opened in which Labor MPs can nominate candidates to become the next leader of the party, who will also become prime minister.

As Mayor of Greater Manchester, Burnham championed the city to become a “Web3 powerhouse” and supported the utilize of digital technology as an economic development tool. If he receives enough support from Labor MPs to win the leadership bid, he will be able to tackle the cryptocurrency ban and Financial Conduct Authority oversight of the industry.

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