On its X account, Britain Token said Lowe was “working to put the British back in the place they deserve” and promised to donate 100% of its earnings from investor fees to Restore Britain.
Developers of memecoins can receive fees from investors for every transaction involving their token.
Britain Token’s apparent donations pre-date the announcement of the government’s ban on cryptocurrency donations and screenshots of receipts posted to social media suggest they were paid in British pounds.
Britain Token has not shared any posts about donations on its X account since early March.
The value of the Britain Token memecoin has since collapsed and a new version of the cryptocurrency has been created on a different platform.
It is not clear how the proceeds of investments in the new version of the cryptocurrency will be used.
In his letter to the Electoral Commission, Brickell said Britain Token “does not appear to have any legal status or recognised existence, and therefore cannot constitute a permissible donor”.
Brickell said the donations appear to have been converted into conventional currency before being processed through Restore Britain’s online donation portal.
The Labour MP, who chairs of the all-party Parliamentary group on Anti-Corruption and Responsible Tax, urged the Electoral Commission to launch an investigation to “confirm whether this fundraising arrangement is permissible, and take appropriate enforcement action if breaches have occurred”.
In the UK, parties must check donations over £500 are from permissible sources, which include people listed on the UK electoral register and UK-registered companies.
The Electoral Commission says parties must not accept donations made anonymously, or if they are unable to identify who the donor is.
In a letter responding to Brickell last week, the Electoral Commission said: “We will give this our full consideration, undertaking a review under our regulatory remit.”
When approached for comment this week, the watchdog told the BBC: “This is not the subject of an investigation by the Commission.”
The Restore Britain spokesperson accused the Electoral Commission of “leaking supposed damaging information in order to smear us” and said the party would submit a complaint.
“This is an outrageous abuse by the ‘impartial’ regulator,” the party spokesperson said.
The Electoral Commission did not comment on this accusation.
Britain Token and X accounts associated with the project did not respond to requests for comment.