Could legalizing cocaine save democracy?

The Reform UK party, led by Nigel Farage, received millions of pounds in donations from crypto rich. Some of these donations came from individuals convicted of financial crimes in the US. Although there are question marks over whether Farage followed the rules, his party achieved great success in local elections. This situation once again brings to the agenda the importance of transparency and campaign finance restrictions.

Those who believe in democracy need to advocate more strongly for transparency, oversight, and restrictions on dark finance. The occasional investigations by journalists and activists are not enough; there is a need for institutions with sufficient resources to prevent dirty money from entering the systems. History shows that criminals are often elected.

Tether made more than $1 billion in profit in the first quarter of the year and is considering supporting pro-crypto candidates in by-elections. Progressives who believe in fair finance and the right of states to regulate their economies should advocate more strongly for campaign finance restrictions because they do not have this kind of money.

In the United Kingdom, detectives dismantled a money laundering operation where cash from the cocaine trade was converted into cryptocurrency. They identified a turnover of 53 million pounds in two years and imprisoned the leaders. However, this amount corresponds to only 0.25% of the UK cocaine market; the gangs did not even notice this loss. The police worked for five years for this operation.

The proposal to legalize cocaine accepts the failure of the war on drugs. Cocaine is available everywhere, taxable, regulatable, and children's access can be prevented. In this way, the liquidity in the underground economy is dried up and the police can focus on fighting fascists and kleptocrats who threaten democracy. Russian spies and terrorists also benefit from this dark financial system; therefore, legalization could be an urgent step to protect democracy.