Reform UK leader Nigel Farage has defended an undeclared £5 million ($6.7 million) gift from Christopher Harborne, a British billionaire and significant stakeholder in Tether, the issuer of USDT. The Parliamentary Standards Commissioner is investigating whether Farage should have declared the gift after winning his seat in 2024. Farage insists the gift was a private matter, received before his return to politics, and denies that it influenced his pro-crypto advocacy. He has spent the gift on personal expenses like Ferraris and horses, he says. Labour accuses Farage of dodging scrutiny, though the gift and Harborne's donations to Reform UK were not made in cryptocurrency. If found in breach of rules, Farage could face suspension from the Commons or a by-election.

Key facts

• Nigel Farage received £5 million from Tether stakeholder Christopher Harborne without declaring it.
• The Parliamentary Standards Commissioner is investigating if Farage should have registered the gift after his 2024 election.
• Farage claims the gift was a private matter and unrelated to his pro-crypto advocacy.
• He says he can spend the money on personal items like Ferraris or horses.
• Labour accuses Farage of avoiding scrutiny; a breach could lead to suspension or by-election.
• The gift was not made in cryptocurrency, but Harborne also donated to Farage's party.