The Guardian's editorial argues that huge crypto-linked donations to Reform UK expose the danger of Britain's weak political funding rules and calls for the House of Lords to tighten the representation of the people bill. It criticises the government's failure to cap donations and warns that unchecked wealth is letting rich individuals buy outsized political influence, undermining democratic norms.

Ben Delo and Christopher Harborne, crypto billionaires who have lived abroad, each gave Reform UK £36m, raising questions about whether they meet the Rycroft review's foreign-influence rules, which cap donations at £100,000 a year for those not resident in the UK for at least 12 months. The piece notes Reform's declining poll ratings amid financial and electoral-law investigations, but stresses the party remains a serious threat, and urges ministers to introduce donation and spending caps, regulate expenditure across electoral cycles, and close loopholes involving charities while protecting union member contributions.