Chair of the UK's Reform party has called for an investigation following reports of a $50,000 political donation linked to former FTX CEO Sam "SBF" Bankman-Fried.
According to a Friday Telegraph report, Reform UK leader Lee Anderson called for the parliamentary standards commissioner to investigate Defence Minister Wes Streeting over reportedly $50,000 worth of donations from a think tank in 2022 and 2023. The donations were reportedly made by Labour for the Long Term, whose founder allegedly received a $675,000 gift from Bankman-Fried before channeling the funds to Streeting.
Reform leader Nigel Farage is preparing to meet voters next week at a by-election sparked by his resignation as a Member of Parliament amid his own crypto scandal. The British politician received $6.7 million in donations from crypto billionaire Christopher Harborne and financial aid from George Cottrell, a convicted fraudster linked to a crypto casino. Farage claimed these contributions were "gifts."
According to UK law, unincorporated associations can donate over $675 directly to politicians, the International Bar Association reports. These rules create a loophole for companies doing business in the UK, allowing them to be used as "conduits for foreign or dark money" to lawmakers without disclosing the source of the funds.
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As reported by the Telegraph, Streeting asked Labour for the Long Term for a list of its donors before accepting the $50,000, but Bankman-Fried’s name was not on it. The defence minister reportedly stated he has never had any contact with the former FTX CEO, who is now serving a 25-year prison sentence after being convicted on seven felony counts.
David Lawrence, who founded the think tank, said Streeting’s contribution was funded not by the former CEO but by another donor, and that Labour for the Long Term "has not received any donations from the FTX Foundation or Mr Bankman-Fried," according to the Telegraph.
US court upholds SBF's sentence
Earlier this week, the US Court of Appeals for the Second Circuit issued a formal ruling, upholding Bankman-Fried's felony conviction and 25-year prison sentence.
In June, the appeals court announced its decision, leaving the former CEO with fewer legal avenues to try to secure a possible early release from prison. Bankman-Fried still retains the option to appeal to the US Supreme Court or await a potential presidential pardon from Donald Trump.
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