What does the UK’s PM-in-waiting Andy Burnham think about crypto?

UK Prime Minister Sir Kier Starmer has today announced that he’s to step down as leader of the Labour party, triggering a leadership contest that will likely result in the former Mayor of Greater Manchester and member of Parliament for Makerfield Andy Burnham being handed the keys to 10 Downing Street.

Burnham won a key local election last week in the Makerfield constituency, a victory perceived to be an indicator of public appetite for his role as Labour leader.

But what does Burnham know about crypto?

Burnham attended a crypto event in Manchester in 2024 that was hosted by local crypto group Manchester Blockchain Alliance and Coinbase-backed crypto lobbying firm Stand With Crypto.

In a nine-minute speech, he spoke about the importance of expanding the digital sector in the city, the benefits of crypto’s tendency to “disrupt,” and how young people need to be able to see the job opportunities crypto can provide.

Read more: Russia offered crypto to firebomb Sir Keir Starmer’s home, report

He said that Manchester could become a “web3 powerhouse,” and that when it comes to marrying economic progress with social progress, “web3 could be the democratisation of it all.”

Despite noting that his understanding of crypto is “rudimentary,” he said, “I’m in, I’m bought in, I love the sound of it.”

Stand With Crypto has its own crypto position checkers for politicians and claims that both Burnham and Starmer have “no stance” on crypto. This is despite their public statements on the sector. 

Farage still dogged by billionaire backing scandal

Burnham has already found himself embroiled in the controversy surrounding Nigel Farage’s £5 million gift from billionaire Tether investor Christopher Harborne.

Indeed, in a now deleted post, Farage used AI to depict immigrants in a dinghy holding placards in support of Burnham. Farage claimed Burnham acted “for them.” 

In response, Burnham noted that Farage was “getting desperate,” and said, “Maybe keep your crypto millions for something else.”

Read more: Nigel Farage accused of undervaluing Christopher Harborne jet loan by $666K

Days before this comment, Burnham also said that “the crypto money is kicking in” when responding to a user that claimed their social media feed was negatively geared against him because “power brokers are clearly paying the big bucks to keep [Burnham] out.”

Burnham’s comments were made one month after Farage was revealed to have accepted £5 million ($6.6 million) from Harborne. 

Farage kept the sum a secret and maintains that it didn’t have to be declared as it was a personal gift for security and helping to deliver Brexit. 

Harborne has donated over £25 million ($33 million) to Reform UK. These donations were partly why the UK, under Starmer’s leadership, introduced a cap on political donations from overseas donors in March. 

Burnham thinks cap on donations is right

Burnham told Byline Times that he would welcome a cap, noting that he would’ve started higher than the £100,000 ($132,000) cap currently set and reduce it over time. 

He said a cap would help stop the “perception of any one party being unduly influenced or swayed by one person or organisation.”

Alongside this donation cap, the UK also introduced a temporary ban on political crypto donations until UK regulation catches up.

The most recent crypto regulations came from the Bank of England today. The bank relaxed its proposed stablecoin regulation, dropping plans to cap the amount an individual can hold and instead introducing a £40 billion ($53 billion) issuance limit for each stablecoin.

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