Nigel Farage, leader of Reform UK and MP for Clapton, is under investigation by the UK Parliamentary Commissioner for Standards for allegedly failing to declare a £5 million ($6.8 million) gift from crypto billionaire Christopher Harborne, a major Tether investor. Farage received the donation weeks before announcing his 2024 general election candidacy but did not register it as required for new MPs. He claims the gift was for security expenses and thus exempt, while Labour argues it must be declared. If found guilty of breaching the code of conduct, Farage could face suspension or even a by-election. The investigation comes as Reform UK leads polls with 28% support, potentially making Farage next PM. Separately, the UK government imposed a moratorium on political crypto donations in March, citing foreign influence risks. Farage, who holds a stake in Bitcoin firm Stack BTC, has been supportive of the crypto industry.

Key facts

• Nigel Farage investigated for failing to declare £5M gift from crypto billionaire Christopher Harborne.
• Harborne holds 12% stake in stablecoin issuer Tether.
• Farage claims donation for security expenses is exempt; critics disagree.
• Reform UK leads polls at 28%; Farage could become PM.
• UK banned political crypto donations in March over foreign influence fears.

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