The chairman of the UK's Reform party has called for a formal investigation into a reported $50,000 political donation connected to former FTX CEO Sam "SBF" Bankman-Fried, whose exchange collapsed in November 2022 in what US prosecutors described as one of the largest financial frauds in American history.

According to a Friday report from the Telegraph, Reform UK chair Lee Anderson urged the parliamentary commissioner for standards to open a probe into Defense Secretary Wes Streeting over donations totaling $50,000 received in 2022 and 2023 from the think tank Labour for the Long Term. The think tank's founder reportedly accepted a $675,000 gift from Bankman-Fried prior to directing funds to Streeting.

Before FTX's implosion, Bankman-Fried was one of the largest political donors in US politics, contributing tens of millions to candidates and political action committees across party lines. The FTX bankruptcy estate has since sought to claw back those donations as part of its recovery effort for creditors.

The Telegraph also reported that Streeting requested a list of donors from Labour for the Long Term before accepting the $50,000, but Bankman-Fried's name did not appear on that list. The defense secretary stated that he had never had any contact with the former FTX CEO, who is currently serving a 25-year prison sentence following his conviction on seven felony counts.

David Lawrence, who founded Labour for the Long Term, said Streeting's contribution was funded by a donor other than Bankman-Fried. Lawrence stated that the organization "did not receive any donations from the FTX Foundation or Mr. Bankman-Fried," according to the Telegraph.

Reform leader Nigel Farage is also set to face voters next week in a by-election triggered by his resignation as a member of parliament amid his own crypto-related donation controversy. Farage received $6.7 million in donations from crypto billionaire Christopher Harborne and financial assistance from George Cottrell, a convicted fraudster with ties to a crypto casino. Farage characterized the contributions as "gifts."

Under UK law, unincorporated associations are permitted to give more than $675 directly to politicians, according to the International Bar Association. Critics have noted that these regulations create a loophole allowing companies operating in the UK to serve as "conduits for foreign or dark money" to lawmakers without requiring disclosure of the original source of funds. The UK's Electoral Commission has previously recommended strengthening rules to require greater transparency on the true origins of political donations.

US Appeals Court Issues Mandate Upholding SBF's Conviction

Earlier this week, the US Court of Appeals for the Second Circuit issued a formal mandate upholding Bankman-Fried's felony conviction and 25-year sentence. The appeals court first announced its ruling in June, narrowing the former CEO's legal avenues for seeking early release from prison.

Bankman-Fried retains the option of petitioning the US Supreme Court or awaiting a potential presidential pardon from Donald Trump.