New rules may stop Elon Musk from making unlimited donations to Reform UK
Ministers are drawing up plans restricting foreign donors from giving unlimited funds to UK political parties, Sky News understands.
Currently, political parties can accept donations from any company registered in the UK – and foreign donors can and have used these companies to make indirect contributions.
The rules allow for British companies to be used in this way even if they don’t make any money at all.
However, Sky News understands that officials are currently looking at restricting donations based on how much money a company makes – either using a profit or a share of revenue to calculate a potential cap for the amount each UK business can give.
The government says this is in line with its manifesto pledge to “protect democracy by strengthening the rules around donations to political parties”.
Senior government sources have told Sky News these changes are partially about Elon Musk.
Officials are said to be anxious about the rumoured donation of $100m (about £80m) that Musk has suggested he would make to Reform UK.
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Nigel Farage says ‘Musk is going to support Reform’
The government’s thinking is that the tech billionaire is likely to do this just before the next election, and they hope they can pass their Elections Bill – the legislation through which the donation loophole would be closed – through parliament before that happens.
The bill would enter parliament in the next session, but ministers have told MPs that they should expect an update to these plans within months.
Musk’s donation would be an astronomical amount in the context of British politics.
The sum would trump all political donations that have been made to any political party this year – and would inevitably make a big impact on campaigning.
Elon Musk is not on the electoral register and the British arm of his company X – X.AI London Limited – has not yet made any money.
Under the proposed changes, this avenue of donating money to Reform UK would not be possible.
Reform UK’s total received donations for 2024 would be considerably higher with £80m from Elon Musk
A government source said this is just one of the options on the table, adding that another change they are considering will mean enhanced due diligence checks on donations from unincorporated associations.
In exclusive polling, Sky News has found that any money given to parties by foreign donors is incredibly unpopular.
A total of 77% of respondents thought foreign nationals who are not registered to vote in the UK should not be allowed to donate to political parties, while only 7% thought they should be.
Even looking specifically at Reform UK voters, who would likely benefit from an Elon Musk donation, the percentage is roughly the same: 73% said they shouldn’t donate to British politics at all, while 7% said they should.
A total of 77% of respondents said foreign nationals should not be allowed to donate to UK political parties
There is a lot of cash swirling all around Westminster and foreign money can and does enter UK politics.
Transparency International found almost £1 in every £10 donated to parties and politicians came from unknown or dubious sources between 2001 and 2024.
Whatever the motivation, these changes could bring greater transparency to what’s behind any murky money swirling into Westminster.
Criminals who refuse to attend their sentencing hearings will face further punishment under a new law.
The government is introducing the Victims and Courts Bill to parliament today, which will include more jail time or loss of privileges in prison in England and Wales for criminals who refuse to attend court for sentencing.
Several high-profile offenders have refused to face victims’ families, sparking a public outcry and calls for a change in the law.
Thomas Cashman, who murdered nine-year-old Olivia Pratt-Korbel in her home in Liverpool, refused to attend his sentencing hearing in 2023. Pic: PA
The families of murdered primary school teacher Sabina Nessa, law graduate Zara Aleena and mother-of-three Mary Jane Mustafa – also known as Mihrican “Jan” Mustafa – have all campaigned for the change after their killers were absent from sentencing hearings.
Ms Nessa’s sister, Jebina Islam, Ms Aleena’s aunt, Farah Naz, and Ms Mustafa’s cousin, Ayse Hussein, said: “This move holds offenders to account.
“It sends a clear and necessary message: the justice system is not something you should be able to opt out of.
“It is not about punishment through force – but about ensuring that perpetrators cannot remove themselves from the consequences of their actions.”
They said the legislation is a “step in the right direction” and the proposed punishments indicate it is “being taken seriously”.
The trio added: “This change supports victims and society alike. It shows justice being done.
“It gives families a moment of recognition and a form of reparation. It is a moment of reckoning for the convicted.”
Under the new legislation, judges will be able to sentence offenders for up to two more years in prison for avoiding justice.
Those already facing lengthy imprisonment or whole life orders could have a range of prison punishments, such as confinement to their cells and being stripped of privileges, such as extra gym time.
Read more from Sky News:
Teenagers to be allowed to drive trains
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Olivia Pratt-Korbel was killed by Thomas Cashman
Former Tory prime minister Rishi Sunak had pledged to change the law after meeting the mother of murdered nine-year-old Olivia Pratt-Korbel, and Sir Keir Starmer promised to enact it.
Thomas Cashman, the gunman who killed Olivia as he chased a drug dealer who had run into her Liverpool home, did not appear in court to hear his life sentence in April 2023.
Earlier this year, triple crossbow and knife killer Kyle Clifford refused to attend his sentencing when he received a whole life order.
Southport child murderer Axel Rudakubana was removed from his sentencing hearing for repeatedly shouting in January.
Justice minister Alex Davies-Jones said: “I would like to thank the remarkable families of Olivia Pratt-Korbel, Jan Mustafa, Sabina Nessa and Zara Aleena and countless others who have campaigned tirelessly for offenders to have to face the reality of their crimes by attending their sentencing.
“Justice isn’t optional – we’ll make sure criminals face their victims.”
The bill also says it will restrict parental responsibility from child sex offenders who commit serious crimes against their own children.
The powers of the Victims’ Commissioner will also be strengthened to require them to produce an independent report on whether agencies are meeting their statutory duty over the Victim’s Code to hold the government to account.
Child protection charity the NSPCC backed the move, saying they hope it will improve how young victims and survivors are treated, but said it was “not a complete solution”.
US Democrat lawmakers have launched a multi-angle attack on President Donald Trump’s crypto ventures with two bills and a subcommittee inquiry aimed at cutting his ability to profit from the initiatives.
The Modern Emoluments and Malfeasance Enforcement Act, or the MEME Act, aims to prevent federal officials from using their position to profit from memecoins, Democrat Senator Chris Murphy said in a May 6 statement.
If passed, the MEME Act prohibits the president, vice president, members of Congress, senior executive branch officials, their spouses and children from issuing, sponsoring, or promoting a security, future, commodity, or digital asset, according to the bill’s description.
Today I’m introducing a bill – the MEME Act – to ban a President or Member of Congress from issuing a meme coin.
The Trump Coin is the biggest corruption scandal in the history of the White House. @RepLiccardo and I are determined to put an end to this corruption – for good. pic.twitter.com/nQL9ZfIYYV
— Chris Murphy 🟧 (@ChrisMurphyCT) May 6, 2025
Violators could face civil penalties of up to $250,000 and be required to fork over any profits to the US Treasury. Criminal penalties could also apply, including fines and up to five years behind bars.
US Representative Sam Liccardo, another Democrat, introduced companion legislation in the House of Representatives. However, Trump’s party, the Republicans, controls both chambers, and the legislation will need Republican support.
Meanwhile, Democratic Senator Richard Blumenthal, a ranking member of the Permanent Subcommittee on Investigations (PSI), said in a May 6 statement that the committee is opening a preliminary inquiry into the Official Trump (TRUMP) token, Trump-backed platform World Liberty Financial (WLFI), and other associated business ventures.
As part of the inquiry, the PSI sent letters to the company behind the Trump coin, Fight Fight Fight, and WLFI, asking for records and communications between the companies and the Trump organization.
With his cryptocurrency schemes, Trump is putting a for sale sign in front of the White House. That’s why, as Ranking Member of the Permanent Subcommittee on Investigations, I’m launching an inquiry into this brazen corruption whose scope & scale is staggering. pic.twitter.com/3SiaCrthN8
— Richard Blumenthal (@SenBlumenthal) May 6, 2025
At the same time, Blumenthal says the subcommittee is asking for answers about what steps the firms have taken to address possible conflicts of interest.
Main points of interest flagged by the PSI include fees the president is making on the TRUMP token and the nearly 50% spike in value from $9.40 to $13.65 after the TRUMP coin website announced on April 23 that the top 220 holders of the token would be invited to a gala dinner at the White House.
Soon after launch on Jan. 18, the Trump coin hit its all-time high of $73.43, according to CoinGecko. However, it has since lost 85% of its value and is trading for $11.13.
More than half of TRUMP holders in profit
Roughly two million wallets have bought TRUMP, with an extra 54,000 adding the token to their stash after the dinner announcement, according to data shared with Cointelegraph from blockchain analysis firm Chainalysis.
Around 764,000 of these, most with small holdings, lost money on the coin, while the 58 investors in the token have made profits of over $10 million each, totaling an estimated $1.1 billion.
At the same time, Chainalysis says the memecoin creator has made $320 million so far, with an extra $1.3 million coming in since the White House dinner announcement.
Related: Dem lawmakers object to hearing, citing ‘Trump’s crypto corruption’
Meanwhile, a trucking logistics firm announced plans on April 30 to build a TRUMP coin treasury through a $20 million convertible note issuance.
Javier Selgas, CEO of Freight Technologies, said the tokens are an “excellent way to diversify our crypto treasury and also an effective way to advocate for fair, balanced, and free trade between Mexico and the US.”
The firm also acquired $5.2 million of the Fetch.ai network’s utility token FET on April 1.
Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
South Korea’s Democratic Party leader Lee Jae-myung has reportedly become the latest presidential candidate to promise the approval of spot crypto exchange-traded funds (ETFs) and other crypto-friendly measures, should he be elected.
Lee announced his crypto promises on May 6 as part of a broader initiative to provide more investment opportunities for Korea’s youth, one of the main target demographics for the fast-approaching June 3 election.
“I will create a safe investment environment so that young people can [build] assets and plan for the future,” The Korea Economic Daily (KED) quoted Lee as saying in Korean.
He also promised the legalization of spot crypto ETFs, lower transaction fees, and more consumer protection measures.
Lee’s Democratic Party of Korea is the favorite to win the presidential election with 42% support, according to a survey conducted by Korea’s National Barometer Survey between April 24 and 30. Korea’s acting president, Han Duck-soo, came in second at 13%.
This is the first time Lee has mentioned crypto as part of his presidential campaign, KED noted.
The Democratic Party made similar promises in its 2024 general election campaign, including passing spot crypto ETF legalization. However, progress stalled, KED said.
South Korea’s People Power Party makes similar promises
South Korea’s ruling party, the People Power Party, also reportedly made crypto policy promises in late April, which included allowing spot crypto ETFs, dismantling Korea’s controversial one-exchange-one-bank rule, and establishing a regulatory framework for stablecoins.
The one-exchange-one-bank rule in South Korea is a regulation that limits each crypto exchange to working with only one local bank. It is intended to prevent money laundering and strengthen transparency by ensuring that the identities of crypto investors can be verified when trading crypto.
South Korean industry officials estimate that 16 million or 31% of the country’s 51.7 million people have access to a crypto account.
Related: North Korean spy slips up, reveals ties in fake job interview
Kim Moon-soo is running as the People Power Party’s candidate — a party previously led by Yoon Suk Yeol, who was impeached after he declared martial law in December.
The controversial measure triggered a considerable fall in Bitcoin (BTC), Ether (ETH), and other cryptocurrencies. However, most coins recovered when the martial law was lifted around six hours later.
Korea’s Constitutional Court upheld the impeachment of Yoon in a unanimous 8–0 decision decision on April 4, effectively removing him from office.
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