A UK lawmaker has requested the monetary authorities to research Nigel Farage’s promotion of a Bitcoin (BTC) treasury agency, elevating issues about potential market abuse and conflicts of curiosity because of the politician’s potential ties to the crypto business.
Farage’s Stack BTC Video Prompts Scrutiny
On Monday, UK Liberal Democrat deputy chief Daisy Cooper requested the Monetary Conduct Authority (FCA) CEO, Nikhil Rathi, to research Reform UK chief and Member of Parliament (MP) Nigel Farage over his ties to the crypto business.
Within the letter, the lawmaker highlighted Farage’s latest look in a promotional video for crypto treasury agency Stack BTC, wherein he’s additionally an investor, displaying him buying roughly £2 million in Bitcoin.
Cooper's letter to the FCA CEO. Supply: Daisy Cooper on X
As reported by Bitcoinist, the Reform UK chief purchased 37 BTC, price round $2.7 million, on Monday on behalf of the corporate, changing into the primary sitting British MP and occasion chief to publicly again Bitcoin, Stack BTC famous.
Regardless of the triumph for crypto in British Politics, Cooper considers that Farage’s Bitcoin promotion, alongside his repeated help for digital property, “raises extraordinarily critical questions on potential market abuse, a battle of curiosity, and publicity of odd individuals to monetary hurt.”
The lawmaker highlighted Farage’s campaigns to increase using digital property within the UK, together with establishing a Bitcoin reserve fund, lowering capital features tax on crypto property from 24% to 10%, and enacting authorized safeguards to forestall banks from terminating accounts related to digital forex transactions.
“Taken collectively, these info beg the query whether or not Mr Farage is selling cryptocurrencies via his political platform as a way to inflate crypto values for his personal monetary profit, in addition to that of his occasion and his inside circle of donors,” Cooper argued.
She emphasised that “proudly owning and buying and selling cryptocurrencies is a superbly legit exercise when accomplished consistent with all related guidelines and laws.” Nonetheless, Cooper famous that Farage is an influential determine and no politician “ought to be exploiting their platform to doubtlessly enrich themselves or particular vested pursuits.”
Based mostly on this, the lawmaker considers that the FCA wants to determine “if that is one other space wherein the Reform UK chief is seeking to copy the Donald Trump playbook,” citing the US first household’s worthwhile crypto initiatives and the conflict-of-interest calls from a number of democratic lawmakers over the previous yr.
She urged the FCA CEO to research whether or not Farage’s actions quantity to “interference within the cryptocurrency market, whether or not they might represent tried market abuse, and whether or not his public statements might have uncovered odd individuals to monetary hurt.”
UK Strikes To Ban Crypto Donations
Within the letter, Cooper additionally listed the $18 million crypto donations that Reform UK obtained in 2025 as a serious concern. Final yr, Reform UK turned the primary British political occasion to simply accept Bitcoin donations.
She highlighted the $12.2 million donation from Christopher Harborne, a serious investor in Tether, the issuer of the world’s largest stablecoin, USDT. Harborne’s contribution turned the biggest political donation of its form in UK historical past, drawing scrutiny from regulators.
Final month, the UK authorities introduced measures to limit political donations made in cryptocurrency and restrict the quantity that British residents residing overseas can contribute to political events.
Till just lately, British legislation didn’t impose any restrictions on donations to political events in the event that they originated from people registered on the UK electoral register or from UK-registered organizations, reminiscent of commerce unions.
Nonetheless, an unbiased overview into international monetary affect in British politics concluded that the specter of international monetary interference is “actual, persistent and sustained.” The overview really helpful stronger investigative and legal instruments to fight interference by international states.
With not less than two-thirds of Reform UK’s funds reportedly originating from abroad donors, the brand new restrictions would considerably scale back one of many occasion’s most profitable funding sources.
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