Key Takeaways
- Crypto moguls pledged £72M to Reform UK, massively funding the party’s 2029 election preparations.
- Ben Delo and Christopher Harborne each committed £36M, letting Reform focus on policy over fundraising.
- Parliament banned direct crypto donations, but exempting fiat crypto proceeds keeps these pledges legal.
Reform UK Rakes In 72 Million Pounds From Crypto Millionaires
Reform UK, the far-right political party, has received donation pledges for 72 million pounds in two days, ahead of the mid-2029 elections.
The pledges were made by two cryptocurrency-linked millionaires: Ben Delo, who co-founded the soon-to-be-disbanded crypto exchange BitMEX; and Christopher Harborne, an investor with a 12% stake in stablecoin firm Tether, as both expect Reform UK to lead the upcoming government.
Delo, who was convicted of Bank Secrecy Act violations in the U.S. and pardoned by President Donald Trump, stressed that the donations stemmed from a personal belief that Reform UK should focus on preparing to rule rather than raising funds.
Delo explained he was giving 1 million pounds ($1.35 million) per month before the elections, front-running these donations into a single 36 million pound ($48.72 million) payment.
“Reform is making serious plans for government, which is more than Labour did before it won in 2024. It takes time to develop thought-through policies and draft legislation, and it takes real money,” he stressed.
Harborne said he was inspired to match Delo’s donation by his “competitive spirit,” and called others to join him.
“So what do I expect in return for my donations? Nothing, personally. No peerage, no policy change, just a party that is ready for government,” Harborne wrote in an opinion piece, declaring that he was committed to putting his wealth to work “for Britain and humanity as a whole.”
“I want the same as everyone else in Britain: for my children and grandchildren to have the chance to live happy and productive lives here and be rewarded for their hard work,” Harborne concluded.
Parliament discussed political crypto donations as part of the ongoing Representation of the People Bill reform, which will impose a retroactive ban on these donations amidst a rise of crypto millionaires in the country.
While several visions were on the table, Angela Rayner’s proposal, which limits the ban to donations materially made using crypto, passed. Other amendments that would have outlawed donations from the proceeds of cryptoassets, potentially affecting Delo’s and Harbone’s contributions, were discussed but not voted on.