Nigel Farage crypto gift collides with UK donations bill

Nigel Farage has taken a £5 million personal gift from Christopher Harborne, a Thailand-based cryptocurrency investor who has also donated more than £22 million to Reform UK, according to a Guardian column by John Harris. The timing lands as the UK government’s Representation of the People bill returns to the House of Commons for its third reading on Tuesday, with ministers proposing changes to voting rules and donation safeguards.

Harris uses Farage as an entry point into a political funding problem that is less about slogans than about payment rails. The bill includes extending the franchise to 16- and 17-year-olds and altering voter registration, but it also tries to narrow routes for money to reach parties without clear accountability. The government has already imposed a moratorium on political donations in cryptocurrencies, and the Electoral Commission has warned that crypto creates “challenges and risks” for electoral law, particularly around identifying donors and confirming whether they are permissible.

The bill’s draft architecture draws a line between what must be disclosed and what can remain private. Parliamentary candidates would be required to declare donations above £2,230, yet personal gifts—such as the one Farage received—would remain exempt. A new annual £100,000 limit would apply to political donations from British citizens living abroad, and there is a proposed cap of £100,000 on donations from people who have recently moved to the UK and become eligible to donate, limited to their first year of residence. Amendments under discussion would add checks on companies making donations by measuring their profit as well as revenues, a nod to the practice of using thinly-capitalised entities as conduits.

Labour backbenchers are pushing for tighter rules still. Stella Creasy is cited among those proposing a universal cap on donations at £100,000, while other Labour figures float a higher ceiling. Liam Byrne, Labour chair of the business select committee, is proposing a permanent ban on crypto donations.

The column also sketches the financial world around Harborne. Harris notes that Harborne owns 12% of Tether, the stablecoin issuer, and cites writer Oliver Bullough describing Tether as a “private central bank” and “the most profitable company per employee ever.” Tether reported profits exceeding $10 billion in 2025, figures that help explain why political access can be treated as a line item rather than a civic contribution.

The bill’s third reading will be held in the Commons on Tuesday. Personal gifts to politicians would still fall outside the declaration rules.