Nigel Farage, leader of the Reform UK party, has recently been reported to the UK Parliamentary Commissioner for Standards over allegations of improper lobbying concerning cryptocurrency policy. The complaint, filed by Labour MP Phil Brickell, centers on claims that Farage pressed the Bank of England on digital currency matters in a way that could benefit a significant donor, Christopher Harborne, a major investor in stablecoin issuer Tether.
The core of the allegation stems from a private meeting Farage reportedly held with Bank of England Governor Andrew Bailey in September 2025. During this meeting, Farage is said to have urged Bailey to abandon plans for a state-run digital pound, often referred to as "Britcoin." Farage has publicly expressed "total and utter horror" at the prospect of a central bank digital currency (CBDC) and has claimed credit for influencing the Bank's position.
Alleged "Britcoin" Lobbying and the £5 Million Gift Controversy
This alleged lobbying activity comes amidst scrutiny over a substantial £5 million undeclared gift Farage received from Christopher Harborne in 2024, prior to his announcement to stand in the general election. Harborne, a Thai-based British billionaire, has also donated an additional £15 million to Reform UK. Parliamentary rules prohibit MPs from lobbying officials or ministers on behalf of individuals who have paid them, particularly within 12 months of such a payment.
Labour MP Phil Brickell, who chairs the parliamentary group on anti-corruption and responsible tax, formally asked the Parliamentary Commissioner for Standards, Daniel Greenberg, to investigate Farage's interactions with the central bank. Brickell highlighted Farage's public championing of Tether and criticism of stablecoin restrictions before his meeting with Bailey, suggesting a potential conflict of interest. Harborne's significant stake in Tether means he could financially benefit from a weakening of stablecoin restrictions or the absence of a competing state-backed digital currency.
Farage is already facing a separate investigation by the Parliamentary Standards Commissioner regarding the undeclared £5 million gift from Harborne. This new complaint specifically targets his alleged lobbying activities, raising questions about whether he breached the House of Commons Code of Conduct, which requires MPs to register and declare financial interests that could influence their actions.
The incident underscores the growing intersection of politics and the cryptocurrency sector, particularly concerning regulation and the influence of large donors. The outcome of the Commissioner's investigation could have implications for parliamentary standards and transparency in political donations, especially as digital assets continue to gain prominence in financial markets. Both Farage and Harborne have denied the allegations, with Farage stating the funds were a private donation with no conditions attached.
Original announcement: The Guardian