Nigel Farage defends a $6.7 million gift from Tether's Christopher Harborne, stating it's a private matter amid a Parliamentary investigation.
Summary
- Nigel Farage, leader of Reform UK, is under scrutiny for a £5 million ($6.7 million) gift from Tether investor Christopher Harborne, which he claims is a private matter.
- The Parliamentary Standards Commissioner is investigating whether Farage should have disclosed the gift following his election in 2024.
- Farage insists he was not politically active when he received the funds and denies any influence on his pro-cryptocurrency stance.
Nigel Farage has asserted that the £5 million gift he received from cryptocurrency mogul Christopher Harborne can be spent as he sees fit, whether on luxury items or gambling. During a series of interviews, the Reform UK leader expressed irritation at questions surrounding the undisclosed gift, insisting it is a private matter.
Speaking on LBC Radio, Farage stated, "It's an unconditional gift. I can spend it on Ferraris if I want," emphasizing that how he uses the money is entirely his choice. The gift, amounting to approximately $6.7 million, comes from Harborne, a billionaire who holds a significant stake in Tether and ranks high on the Sunday Times Rich List.
The Parliamentary Standards Commissioner has launched an inquiry to determine if Farage should have reported the gift after being elected as MP for Clacton in 2024. New MPs are required to declare any gifts exceeding £300 received in the prior year unless they are not connected to political activities.
Farage maintained that he was not involved in politics at the time of receiving the gift, although he had previously discussed a potential return to Parliament in a podcast. His narrative has shifted regarding the gift's purpose; he initially claimed it did not need to be declared as personal security funding but later referred to it as a reward for his long-standing Brexit campaigning.
"I believe it was a reward for giving up a quarter of a century of my life," he stated on LBC Radio, defending the gift's intent. He also dismissed suggestions that the gift was meant to secure his support for cryptocurrency, asserting that he had already been advocating for legal reforms in that area.
Farage has positioned himself as a pro-cryptocurrency advocate, calling for measures such as a national Bitcoin reserve and lower capital gains taxes on digital assets. This recent gift is separate from the substantial financial support Harborne and BitMEX co-founder Ben Delo have provided to Reform UK.
The Labour Party has criticized Farage for allegedly avoiding scrutiny over the gift, which surfaced after the UK imposed a moratorium on political donations in cryptocurrency. However, neither Harborne's gift to Farage nor his donations to Reform UK were made in cryptocurrency.
When asked if he would return the funds if found in violation of parliamentary rules, Farage stated that it is "none of your business" but acknowledged the possibility of revisiting the matter if the standards commissioner deems it necessary. A violation could lead to suspension from Parliament and a potential by-election in Clacton.
