The political party Reform UK in the United Kingdom has garnered a record donation of 9 million British pounds (approximately $12 million) from early cryptocurrency investor Christopher Harborne.
This is the largest single political contribution ever made by a living person in Britain, coming just months before local elections set for May, as reported by the BBC on Thursday, citing newly released data from the Electoral Commission.
Harborne, a British national currently residing in Thailand, has a history of supporting UK political initiatives. He has previously made contributions to the Conservatives under Boris Johnson and the Brexit Party, which has since been rebranded as Reform UK, during the 2019–2020 cycle, according to the report.
This donation surpasses the previous record of $10.7 million given by supermarket heir Lord David Sainsbury to the Liberal Democrats in 2019.
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Harborne’s crypto ties
Harborne, identifying as a “digital nomad,” is also noted for his investments in cryptocurrency. He owns nearly a 13% stake in Tether, the company responsible for the USDt (USDT) stablecoin, a position that arose from compensation related to a 2016 hack at Bitfinex. He asserts he has no executive role within either company.
Last year, Harborne initiated a defamation lawsuit against The Wall Street Journal regarding a 2023 article that accused him of allegedly facilitating illegal activities at Tether and Bitfinex. He claimed the media falsely accused him of “committing fraud, laundering money, and financing terrorists.”
The article stated that Bitfinex had difficulties maintaining access to banking services in late 2018 and resorted to using intermediaries and shell companies, citing internal documentation. Sections referencing Harborne were subsequently removed.
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UK weighs ban on crypto political donations
The historic donation arrives as the UK government considers prohibiting cryptocurrency donations to political parties. This proposal is reportedly under discussion as part of a new Elections Bill aimed at enhancing trust in politics and tightening campaign financing regulations.
Reform UK has become the first political party this year to accept cryptocurrency donations. It is currently leading in polls, with around 27% nationally, significantly ahead of Labour and the Conservatives, both of which remain below 20%.
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