Crypto Investor Makes History with $12M Donation to Reform UK

In a significant political development, the UK political party Reform UK has received an exceptional donation of 9 million British pounds (approximately $12 million) from early crypto investor Christopher Harborne. This donation marks the largest single political contribution ever made by a living individual in the UK. The news emerged from the BBC, referencing newly released information from the Electoral Commission.

Key Takeaways

Christopher Harborne donated £9 million ($12 million) to Reform UK, setting a new record for political donations in the UK.
Harborne is a known early crypto investor and has historically supported UK political campaigns.
The donation comes amid discussions in the UK regarding a potential ban on crypto donations to political parties.
Reform UK currently leads in polls with about 27% support, significantly ahead of Labour and the Conservatives.

Crypto investor gives Reform UK record $12M in election donation

Christopher Harborne, a British national who currently resides in Thailand, has previously supported various UK political campaigns. Notably, he has contributed to the Conservative Party during Boris Johnson's leadership and the Brexit Party, which has since been rebranded as Reform UK, during the electoral cycle of 2019-2020.

This recent donation surpasses the previous record of $10.7 million given by supermarket heir Lord David Sainsbury to the Liberal Democrats in 2019.

Harborne's Connection to Cryptocurrency

Harborne describes himself as a "digital nomad" and is known for his involvement in cryptocurrencies. He holds a nearly 13% stake in Tether, the organization behind the USDt stablecoin, which is linked to a compensation deal stemming from a 2016 hack at Bitfinex. Harborne has stated that he does not hold an executive role in either Tether or Bitfinex.

In the previous year, Harborne initiated a defamation lawsuit against The Wall Street Journal over a 2023 article that suggested he was involved in facilitating illegal activities at Tether and Bitfinex. He refuted these claims, arguing that the media inaccurately depicted him as someone involved in “fraud, money laundering, and terrorism financing.” The article included assertions that Bitfinex faced challenges in maintaining access to banking services in late 2018, relying on intermediaries and shell companies, but parts related to Harborne were later retracted.

Potential Ban on Crypto Political Donations

This record-breaking donation coincides with ongoing deliberations in the UK regarding a possible ban on cryptocurrency donations to political parties. The plan is a component of a proposed Elections Bill aimed at enhancing public trust in political processes and tightening campaign financing regulations.

Earlier this year, Reform UK became the first political party in the UK to accept cryptocurrency donations. Currently, the party is leading the polls, enjoying around 27% support nationwide, significantly outpacing both Labour and the Conservatives, who are polling below 20%.

Reform UK leads in polls. Source: Politico

For readers keeping an eye on political donations influenced by the cryptocurrency landscape, this monumental contribution and the shifting stance on crypto regulations could have lasting implications for how digital currencies intersect with political campaigning in the future.