Labour MP Phil Brickell has reported Nigel Farage to the Parliamentary Commissioner for Standards, alleging he lobbied the Bank of England on crypto policy that could benefit his biggest donor.
The complaint centers on a private September 2025 meeting in which Farage reportedly urged Governor Andrew Bailey to drop plans for a state-run digital pound.
Farage received an undeclared £5 million ($6.7 million) gift from Tether investor Christopher Harborne, who has separately given Reform UK a further £15 million.
Philip Brickell, a Labour MP chairing the parliamentary group on anti-corruption and responsible tax, requested an investigation by Commissioner Daniel Greenberg into Farage’s interactions with the Bank of England. Parliamentary regulations prohibit MPs from representing donors for 12 months post-receipt of funds.
“Before meeting Bailey, Farage publicly endorsed Tether, opposed stablecoin restrictions, and vowed to oppose the Bank’s policies,” Brickell stated in the Guardian, noting Farage later claimed credit for influencing the Bank’s stance.
The Bank Meeting
The whistleblower alleges Farage pressed Bailey during a September 2025 meeting to abandon plans for a UK digital pound (“Britcoin”), a policy Farage has threatened to overturn publicly. Farage later asserted he persuaded the Bank to reduce a proposed £20,000 stablecoin holding cap he had previously criticized.
Another Labour MP, Joe Powell, has tweeted Bailey requesting details about the meeting, emphasizing decisions about financial systems must prioritize public interest over private gain.
Brickell argues the case extends beyond crypto, focusing on whether an MP accepting millions from a single donor should advance policies amplifying their wealth.
Harborne, a UK-Thailand billionaire with a 12% stake in Tether (USDT), ranks sixth on the Sunday Times Rich List.
The Undisclosed Gift
Farage accepted Harborne’s £5 million donation prior to his July 2024 MP candidacy. At the time, Farage had not announced his electoral bid, and the gift was not disclosed to parliamentary authorities.
Per Guardian reporting, Farage also took two £25,000 donations from Harborne for travel expenses in January 2025 and February 2026, while Reform UK received an additional £15 million from Harborne between August 2024 and February 2025. Greenberg is separately reviewing whether Farage should have declared the personal gift.
Both Farage and Harborne maintain the donation was unconditional. Farage has described it as a “private matter,” while Reform UK denies the allegations as “complete nonsense.” Labour MP accuses Farage of evading accountability.
The Bank of England confirmed it discussed crypto policies with Farage in September 2025 as part of standard parliamentary engagement but has not released further details.
Farage has consistently advocated for cryptocurrency reforms, including establishing a UK Bitcoin reserve and reducing capital gains taxes on digital assets.
Decrypt has contacted Farage and Brickell for comments and will update the article if responses are received.
