The UK must rethink how political finance rules address increasingly complex foreign financial interference threats.

The UK government’s decision to implement a moratorium on donations made in cryptocurrencies following the recommendations of the Rycroft Review has prompted debate between those who think such a measure is heavy-handed, and those who argue it does not go far enough.

On one level, the question appears straightforward: should political parties be permitted to accept donations in crypto? In practice, however, this debate reflects a deeper issue. Crypto exposes structural weaknesses in a regime that remains focused on donations at the…