Crypto Billionaires Give Reform UK £72 Million in Historic Political Donations
Key Takeaways
- •Reform UK received a combined £72 million ($97 million) from crypto billionaires Ben Delo and Christopher Harborne, each contributing £36 million, making it the largest combined political donation to a UK party.
- •The funds will support Reform UK's campaign expansion ahead of the next general election, which is expected by 2029.
- •Reform UK has stated that, if elected, it would cut capital gains tax on digital assets and establish a bitcoin reserve fund at the Bank of England.
- •Harborne stated he expects nothing in return for his donation, including no peerage or policy changes.
- •Lawmakers and campaign groups have called for tighter limits on political donations, and a UK-commissioned report recommended halting cryptocurrency political donations over foreign interference concerns, while Canada is moving to ban them.
Nigel Farage’s Reform UK has received a combined £72 million ($97 million) from two cryptocurrency billionaires, marking the largest funding boost in the party’s history and one of the biggest political contributions in British history.
Ben Delo, co-founder of BitMEX, donated £36 million to the party. One day later, crypto investor Christopher Harborne made an identical contribution. According to Reuters, the two donations represent the largest combined political contribution received by a UK party.
The funding gives Farage’s party a substantial financial advantage as it prepares for the next general election, which is expected by 2029. Reform UK said the money would help it expand its campaign operation and compete with Britain’s larger established parties.
Harborne said:
“What do I expect in return for my donations? Nothing. No peerage, no policy change, just a party that is ready for government.”
Reform UK has said that, if elected, it would seek to increase crypto adoption by cutting capital gains tax on digital assets and establishing a bitcoin reserve fund at the Bank of England.
The donations have also renewed attention on the growing influence of cryptocurrency wealth in British politics. Lawmakers and campaign groups have called for tighter limits on political donations, citing concerns about the role of large contributions in political campaigning.
The development follows a UK-commissioned report recommending that political cryptocurrency donations be halted because of risks linked to foreign interference. Canada has also moved to ban crypto donations in politics.
Source: BitcoinKE
