The UK Parliament is investigating Reform UK leader Nigel Farage for undeclared $6.8 million donation from a cryptocurrency billionaire.

On May 14th, CoinDesk reported that the UK Parliament's code of conduct watchdog is formally investigating Reform UK leader Nigel Farage for failing to declare a £5 million donation from crypto billionaire Christopher Harborne, who owns a 12% stake in stablecoin issuer Tether. Farage claims the donation was for personal security and thus exempt from disclosure. A guilty verdict could lead to his suspension. A YouGov poll indicates Reform UK is leading with 28% support, positioning Farage as a potential candidate for Prime Minister. The UK government banned political crypto donations in March, a prohibition that will be codified in the People's Representatives Act.