Transparency International alleges Farage broke lobbying rules after £1.5M in donations from Tether stakeholder Harborne. A 12-month ban would block crypto advocacy.
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Transparency International filed a complaint with the Parliamentary Commissioner for Standards, arguing that Reform UK leader Nigel Farage broke lobbying rules by accepting donations from a billionaire with a large stake in Tether.
Christopher Harborne, a UK-based billionaire, has given Farage's party £1.5 million since 2023. Harborne also holds a 12% stake in Tether, the issuer of USDT, the world's largest stablecoin by market cap. The complaint says Farage should have registered as a paid lobbyist for crypto interests.
The central issue is a 12-month ban on MPs lobbying government for clients they advised or received significant payments from. A 2021 amendment to the MPs' code of conduct requires any MP receiving a payment or benefit worth more than £1,500 from a person "carrying on a business or profession" to register the interest. Transparency International argues the £1.5 million donation qualifies, and that the 12-month rule means Farage cannot lobby on crypto issues until at least a year after the last donation.
Farage denied any breach. "I act for my constituents and for the country, not for any donor," he said in a statement. Harborne did not respond to a request for comment.
The timing matters. The UK Treasury plans to publish a consultation on stablecoin regulation within weeks. Farage has spoken in favour of a light-touch approach, drawing criticism from Labour MPs who say his position mirrors Tether's interests. He has also opposed a central bank digital currency and called for lighter stablecoin regulation.
Farage previously faced questions over hospitality from a gambling firm during the 2024 election campaign. The crypto angle is new, and it arrives as regulators globally tighten rules around stablecoin issuers. The European Union's Markets in Crypto-Assets regulation already requires stablecoin issuers to hold reserves in EU-based banks. Tether has refused to disclose its reserve composition in detail, a stance that has drawn criticism from the Bank for International Settlements.
Reform UK holds 14 seats and is not in government. A ruling against Farage would force him to stop lobbying on crypto for 12 months, covering the Treasury consultation period.
The commissioner has 30 days to decide whether to open a formal investigation.
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