Stablecoin Millionaire's Millions Land Farage in Hot Crypto-Plain Water 🍵

Reform UK leader Nigel Farage has been reported to Parliament's standards watchdog over allegations that he lobbied the Bank of England on cryptocurrency policy in a way that could benefit his biggest donor, a major investor in stablecoin issuer Tether. Labour MP Phil Brickell, who chairs the parliamentary group on anti-corruption and responsible tax, has asked Parliamentary Commissioner for Standards Daniel Greenberg to examine Farage's dealings with the central bank. Parliamentary rules bar MPs from approaching officials or ministers on behalf of people who pay them for 12 months after such a payment.

"Before meeting the governor of the Bank of England, Farage openly championed Tether, criticised proposed restrictions on stablecoins and vowed to challenge the Bank's approach," Brickell told the Guardian, adding that Farage "has since claimed credit for persuading the Bank to soften its position." The complaint centers on a private meeting last September, at which Farage reportedly urged Governor Andrew Bailey to scrap plans for a central bank digital currency, or "Britcoin," an idea he has said he would go to prison to block. Farage later claimed credit for pushing the Bank to soften its approach, and last week it dropped a proposed £20,000 cap on individual stablecoin holdings that he had publicly attacked.

Labour MP Joe Powell has also written to Bailey to request details of the meeting, arguing that "Decisions relating to the UK's financial system, including those involving bank digital currencies, must be made in the public interest and on the basis of rigorous, independent assessment, not shaped behind closed doors to benefit individual financiers." Brickell said the case turns on whether an MP "who has received millions from one individual" should advance policies that could lift the value of that donor's investments. That donor is Christopher Harborne, a Thailand-based British billionaire who holds a 12% stake in USDT issuer Tether and sits sixth on the Sunday Times Rich List.

The Sunday Times released its annual Rich List on Friday, ranking Harborne sixth in the UK with an estimated fortune of about $24.4 billion (£18.2 billion), most of which is reportedly tied to his Tether stake. Farage accepted an undeclared £5 million ($6.7 million) gift from Harborne prior to standing in the July 2024 general election, at a time when he had not yet announced plans to run as a Member of Parliament. Farage has said that what he spends the £5 million on, whether luxury cars or horses, is nobody's business.