A UK lawmaker has requested the monetary authorities to analyze Nigel Farage’s promotion of a Bitcoin (BTC) treasury agency, elevating considerations about potential market abuse and conflicts of curiosity as a result of politician’s potential ties to the crypto trade.
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 analyze Reform UK chief and Member of Parliament (MP) Nigel Farage over his ties to the crypto trade.
Within the letter, the lawmaker highlighted Farage’s latest look in a promotional video for crypto treasury agency Stack BTC, during which 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, turning into the primary sitting British MP and get together 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 severe questions on potential market abuse, a battle of curiosity, and publicity of odd folks to monetary hurt.”
The lawmaker highlighted Farage’s campaigns to broaden the usage of digital property within the UK, together with establishing a Bitcoin reserve fund, decreasing capital good points 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 information beg the query whether or not Mr Farage is selling cryptocurrencies by his political platform with a view to inflate crypto values for his personal monetary profit, in addition to that of his get together and his internal circle of donors,” Cooper argued.
She emphasised that “proudly owning and buying and selling cryptocurrencies is a superbly legit exercise when achieved consistent with all related guidelines and laws.” Nevertheless, Cooper famous that Farage is an influential determine and no politician “needs to be exploiting their platform to probably 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 during which 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 analyze whether or not Farage’s actions quantity to “interference within the cryptocurrency market, whether or not they could represent tried market abuse, and whether or not his public statements could have uncovered odd folks 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 significant concern. Final yr, Reform UK grew to become the primary British political get together to just accept Bitcoin donations.
She highlighted the $12.2 million donation from Christopher Harborne, a significant investor in Tether, the issuer of the world’s largest stablecoin, USDT. Harborne’s contribution grew to become the most important political donation of its type 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 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, comparable to commerce unions.
Nonetheless, an unbiased overview into overseas monetary affect in British politics concluded that the specter of overseas monetary interference is “actual, persistent and sustained.” The overview advisable stronger investigative and prison instruments to fight interference by overseas states.
With at the very least two-thirds of Reform UK’s funds reportedly originating from abroad donors, the brand new restrictions would considerably scale back one of many get together’s most profitable funding sources.
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