Crypto Billionaires Are Funding Nigel Farage’s Party

Reform UK, led by Nigel Farage, received £7 million ($9.4 million) in donations from two crypto billionaires this year. According to data published by the Electoral Commission on Thursday, the party has outpaced all other political forces in the country in this indicator. Cointelegraph.com reports .

Specifically, Christopher Harborne, who holds a stake in the issuer of the Tether stablecoin, transferred $4 million to the party, while BitMEX crypto exchange co-founder Ben Delo contributed $5.4 million. For comparison, in the first quarter of the year, both the Labour and Conservative parties managed to raise only about $5.4 million each.

Reform UK positions itself as a party supporting cryptocurrencies. It became the first political force in the UK to start accepting donations via Bitcoin (BTC). Farage has proposed reducing the capital gains tax on crypto assets from 24% to 10% and creating a Bitcoin reserve at the Bank of England.

The crypto industry is spending significant funds to influence political decisions. In the US, crypto PACs (Political Action Committees) also spent millions of dollars to support their candidates ahead of the November midterm elections. Although Nigel Farage faced investigations regarding a personal gift of $6.7 million, he emphasizes that these funds were provided for security expenses before he became a Member of Parliament.

Reform UK’s fundraising figures in the first quarter increased sixfold compared to the same period last year. Overall, the total funding of all political parties in the UK showed more than a twofold increase compared to the previous year.