Nigel Farage reported to standards watchdog over ‘crypto lobbying’

Nigel Farage, leader of the Reform UK party, is facing an investigation by the parliamentary standards watchdog over allegations that he lobbied the Bank of England concerning its plans for a central bank digital currency (CBDC).

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I asked him straight: ‘Are you still progressing your plans for a British central bank digital currency?’ And the answer was: ‘Yes.’

The complaint, lodged by Labour MP Phil Brickell, chair of the parliamentary group on anti-corruption and responsible tax, centers on a private meeting Farage had with Bank of England Governor Andrew Bailey last September. Farage reportedly urged Bailey to drop plans for a state-backed digital pound, often referred to as "Britcoin." This action is seen by critics as potentially benefiting Christopher Harborne, the billionaire benefactor of Reform UK, who has made substantial investments in private cryptocurrencies, including Tether.

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I would be prepared to go to prison to stop it.

Farage has previously expressed strong opposition to the CBDC concept, stating at a crypto event that he would be "prepared to go to prison" to stop it. Critics argue that Farage's lobbying efforts, both private and public, align with Harborne's financial interests. Brickell noted that Farage has publicly championed Tether and criticized proposed restrictions on stablecoins, suggesting a pattern of advancing policies that could increase the value of his donor's investments.

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Farage took a £5m gift from Christopher Harborne – we know that. We also know that he has since used his platform, both publicly and privately, to advance positions that could benefit Mr Harborne’s crypto interests.

This investigation is separate from an ongoing inquiry into whether Farage properly declared a £5 million gift from Harborne, received before he returned to Parliament. The current focus is on whether Farage's interactions with the Bank of England violated parliamentary lobbying rules, which are designed to prevent MPs from advocating for companies or individuals who financially support them. The public, Brickell stated, will question whether these events are coincidental or indicative of a quid pro quo arrangement.

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This is not simply a debate about cryptocurrency. It is about whether an MP who has received millions from one individual should be lobbying for policies that could increase the value and profitability of that [Reform] donor’s investments.