A UK lawmaker just accused Farage of lobbying for his biggest donor's crypto interests

The Complaint

Labour MP Phil Brickell has referred @Nigel_Farage to the Parliamentary Commissioner for Standards, Daniel Greenberg, alleging the Reform UK leader improperly lobbied the Bank of England on cryptocurrency policy in a way that could benefit his largest donor. The complaint centres on a private meeting in September 2025, during which Farage reportedly urged Bank of England Governor Andrew Bailey to scrap plans for a state-run digital currency, commonly referred to as the digital pound or "Britcoin."

Farage later spoke openly about the encounter at the Zebu Live crypto event in London in October 2025, saying he had told Bailey he opposed the project and that he would be "prepared to go to prison" to stop it. The Bank of England described the meeting as part of its routine engagement with political figures and acknowledged the two men held differing views, but it has not released any minutes. A Freedom of Information request for details was also refused.

A second Labour MP, Joe Powell, has separately written to Bailey asking him to release details of the discussion, arguing that decisions about the UK financial system must be made openly and in the public interest, not behind closed doors.

The Donor Connection

At the heart of the complaint is Christopher Harborne, a British-Thai billionaire who owns approximately 12% of Tether Limited, the company behind the $USDT stablecoin. Harborne has donated more than £15 million to Reform UK and also gave Farage an undeclared personal gift of £5 million ahead of the July 2024 general election, at a time when Farage had not yet announced plans to stand as an MP. Farage did not declare the gift to parliamentary authorities, and the Parliamentary Commissioner for Standards is already separately examining whether that omission breached Commons rules.

Critics argue the policy overlap is hard to ignore. A state-backed digital currency would compete directly with private stablecoins such as Tether's $USDT, potentially reducing demand and undermining Harborne's position. Brickell framed the issue in stark terms: "This is not simply a debate about cryptocurrency. It is about whether an MP who has received millions from one individual should be lobbying for policies that could increase the value and profitability of that donor's investments."

Adding weight to that argument, the Bank subsequently dropped a proposed £20,000 cap on individual stablecoin holdings, a restriction Farage had publicly attacked. Farage has since claimed credit for persuading the Bank to soften its position. UK parliamentary rules prohibit MPs from approaching ministers or officials on behalf of recent financial benefactors for up to 12 months after receiving support, and the September 2025 meeting fell within that window.

Reform UK has dismissed the allegations entirely, calling them "utter rubbish." Farage maintains the £5 million gift was unconditional and unrelated to his political activities. No formal investigation into the lobbying allegation has been opened as of publication.

Sources:
Decrypt: Farage Reported to UK Standards Watchdog Over Alleged Crypto Lobbying
BeInCrypto: A 12-Month Rule Could Put Nigel Farage's Crypto Lobbying in Trouble
Wikipedia: Christopher Harborne