Major Tether investor’s donations to UK party pushing pro-crypto policies reach $16 million

A major investor in the issuer of the world’s largest stablecoin has increased his financial backing of a UK political party campaigning on cryptocurrency policies, according to newly disclosed donation filings.

Christopher Harborne, a Thailand-based investor who holds an estimated 12% stake in Tether, has donated millions to Reform UK, according to disclosures from the UK's Electoral Commission.

The contributions include a £9 million donation revealed last year and a further £3 million contribution made in November that was only recently disclosed in regulatory filings.

Reform, led by Nigel Farage, has positioned digital assets as a core part of its economic platform.

The party has pledged to position the UK as a "premier hub" for digital assets, including a proposal to reduce capital gains taxes on cryptocurrency to 10% from their current levels of roughly 18%.

Reforming crypto rules in the UK

The party has also moved to integrate cryptocurrency into political fundraising. Reform became the first UK political party to accept donations in digital assets in 2025, allowing supporters to contribute using cryptocurrencies such as bitcoin.

That move has drawn scrutiny from some lawmakers. In January, the chairs of seven parliamentary committees urged the government to ban cryptocurrency donations to political parties, arguing that digital assets could obscure the origin of funds and potentially expose the electoral system to foreign interference.

The debate is unfolding alongside the UK’s broader effort to build a regulatory framework for digital assets. Lawmakers and regulators are working on rules covering areas such as stablecoins, trading platforms, and custody services.

Industry representatives have warned that the details of those rules will determine whether London can remain competitive in the sector.

During a recent House of Lords hearing, a policy executive from Coinbase cautioned that overly restrictive requirements, including potential limits on sterling-denominated stablecoins, could hinder their development as settlement infrastructure for tokenized financial markets.