Summary
- Nigel Farage, leader of Reform UK, defended a £5 million ($6.7 million) undeclared gift from Tether investor Christopher Harborne, asserting it to be "a purely private matter" during interviews on Tuesday.
- The Parliamentary Standards Commissioner is looking into whether Farage should have disclosed this 2024 gift after his election.
- Farage contended he was not engaged in politics at the time of receiving the gift and dismissed claims that it influenced his favorable stance on cryptocurrency.
Nigel Farage stated that how he chooses to utilize his £5 million gift from a cryptocurrency billionaire is entirely his decision, whether it involves purchasing luxury vehicles or betting on horses.
During a series of broadcast interviews on Tuesday, the Reform UK leader expressed annoyance at inquiries regarding the undisclosed gift, labeling it "a purely private matter." In a conversation on LBC Radio, he remarked, "It's an unconditional gift. I can spend it on Ferraris if I want," and added, "I can do whatever I like with it. I can put it on the horses."
The £5 million ($6.7 million) gift originated from Christopher Harborne, a billionaire based in Thailand who possesses around a 12% stake in USDT issuer Tether and ranks sixth on the Sunday Times Rich List.
An investigation has been initiated by the Parliamentary Standards Commissioner to determine if Farage should have reported the gift after being elected MP for Clacton in 2024. Newly elected MPs are required to declare gifts over £300 received in the previous year, unless they cannot be reasonably linked to political activities.
Farage insisted that he was "not in politics" when he received the funds. However, BBC Radio 4's Nick Robinson pointed out that Farage had spent 40 minutes on his podcast discussing a potential return to Parliament. Farage claimed that at that time, he was "far from making my mind up."
His narrative regarding the gift's purpose has varied. Initially, he stated he had no obligation to declare it as funding for personal security, but later described it as "a reward for campaigning for Brexit for 27 years."
He denied having conflicting accounts, asserting that the money was given to him "unconditionally." "I believe it was a reward for giving up a quarter of a century of my life, sacrificing a significant income in the City of London, and enduring considerable abuse," Farage told LBC Radio. "That was the motive, whether it was or not. The other side of this equation is what I plan to do with it, which I have made clear."
Farage's Stance on Cryptocurrency
Farage also rejected the notion that the gift was intended to secure his advocacy for cryptocurrency, arguing that he was already in favor of legal reforms. He explained to the BBC that even if London became a hub for cryptocurrency trading, it would still represent a small fraction of the global market and would not influence prices significantly.
Positioning himself as a pro-crypto "champion," he has called for a national Bitcoin reserve and reduced capital gains taxes on digital assets.
This gift is distinct from the multi-million pound contributions that Harborne has made to Reform UK, with both Harborne and BitMEX co-founder Ben Delo providing a significant portion of the party's recent financial support.
The Labour Party has accused Farage of evading scrutiny regarding the gift, which came to light after the UK implemented a moratorium on political donations made in cryptocurrency, although neither Harborne’s gift to Farage nor his donations to Reform UK were made in crypto form.
When asked if he would return the funds if found in violation of the rules, Farage replied that he didn't believe it was "any of your business, frankly," but added, "if the standards commissioner concludes that it is, we can revisit the matter." A violation could result in suspension from Parliament and possibly a by-election in Clacton.