Digital Currency Moguls Provide Major Financial Backing to Farage's Reform UK
Christopher Harborne, who holds connections to Tether, and BitMEX's Ben Delo contributed a combined $9.4 million to Reform UK during the year's opening quarter.
Two cryptocurrency industry billionaires have contributed 7 million British pounds ($9.4 million) to Nigel Farage's Reform UK during this calendar year, pushing the party's fundraising total beyond that of any other political organization in the country.
According to Electoral Commission data made public on Thursday, the party secured a $4 million contribution from Christopher Harborne, an investor with ownership interests in Tether, the stablecoin issuer, alongside a $5.4 million contribution from Ben Delo, who co-founded the cryptocurrency trading platform BitMEX.
During the same first quarter period, both the Labour and Conservative parties brought in approximately $5.4 million each.
Reform UK has positioned itself as a cryptocurrency-friendly political organization. The party became the first in the United Kingdom to welcome donations in Bitcoin (BTC), while Farage has put forward a proposal to reduce capital gains taxes on cryptocurrency holdings from 24% down to 10%. Additionally, he has advocated for the Bank of England to establish a Bitcoin reserve.
Political spending by the cryptocurrency sector has surged as industry players work to shape regulatory policy. Within the United States, political action committees (PACs) with cryptocurrency backing have poured millions into supporting candidates who emerged victorious in primary contests leading up to the November midterm elections.
While Delo represents a new contributor to the populist right-wing party, Harborne's most recent donations have brought his cumulative contributions over the past year to a total of $20 million.
In a separate transaction, Harborne provided Farage with a personal gift valued at $6.7 million, which has become the subject of a parliamentary standards investigation examining whether proper registration requirements were met.
Farage has maintained that disclosure was unnecessary because the funds were provided prior to his election to parliament and were utilized for personal security expenses. He subsequently stated that the gift compensated him for his successful efforts in campaigning for the UK's departure from the EU.
The fundraising totals for Reform during the first quarter represent a sixfold increase when compared to the corresponding period last year, during which the party collected $2 million.
Overall funding received by all political parties during the quarter had also increased by more than double when measured against the previous year's figures.