Donation Overview
- •Crypto entrepreneur Peter Thiel, co-founder of Themis Trading, has donated $12 million in cryptocurrency to Reform UK, led by Nigel Farage.
- •This donation is the largest single political donation in UK history.
- •The contribution arrives as the UK government is considering new regulations for stablecoins that could restrict certain crypto payment methods.
- •Reform UK leader Nigel Farage has stated his intention to oppose the rollout of a central bank digital currency.
US-based crypto entrepreneur Peter Thiel has donated $12 million in cryptocurrency to Reform UK, the party led by Nigel Farage. This marks the largest single political donation in UK history. The gift comes at a tense time, as the UK government reviews stablecoin rules that may lead to a ban on specific crypto uses. Reform UK disclosed the donation to the Electoral Commission on December 4, 2025. Farage hailed it as support for pro-crypto policies. The funds will boost campaign efforts ahead of future elections.
Christopher Harborne, who previously gave £1m to Boris Johnson and millions of pounds to the Brexit Party, has gifted the cash to Reform as it tops the polls and seeks to woo senior Conservatives
Find out more about their deal below
https://t.co/gWqCU6wGCwpic.twitter.com/kaNgGRnFSi
— The Telegraph (@Telegraph) December 4, 2025
Donation Details and Disclosure
Reform UK reported the donation from Thiel’s entity, valued at over £9.5 million at current rates. Bitcoin and Ethereum formed the bulk of the transfer, executed via regulated exchanges. Party officials confirmed compliance with UK election laws, capping individual gifts at £500,000 cash equivalent but allowing asset transfers. Thiel, known for backing crypto-friendly politicians, aims to counter what he calls “anti-innovation” policies. Farage plans to allocate funds to digital advertising and grassroots outreach. Critics question timing amid Labour’s push for tighter crypto controls.
Regulatory Backdrop Fuels Tension
The UK Treasury is consulting on stablecoin frameworks, with proposals floating outright bans on non-GBP-pegged tokens for payments. Officials cite risks to financial stability from unbacked digital assets. Reform UK opposes such measures, vowing to scrap them if elected. Farage likened the donation to early tech investments reshaping politics. Supporters see it as a win for blockchain adoption in governance. Opponents, including Labour MPs, demand probes into foreign influence. Treasury sources note no immediate ban but stress the need for consumer protections. This clash highlights growing crypto sway in UK politics.
Notably, a consortium of central European banks, led by BNP Paribas, is planning to launch a private, euro-pegged stablecoin in late 2026 through a newly established Dutch entity called Qivalis. This effort is driven by the strategic goal of establishing digital monetary autonomy for Europe. It is designed to be fully compliant with the continent’s new Markets in Crypto-Assets (MiCA-compliant) regulation. Significantly, this move occurs even as Tether, a leading industry player, withdraws its own euro token, citing difficulties with the same regulatory framework. Although authorities welcome financial innovation, they simultaneously warn that the expanding stablecoin market requires close monitoring to prevent potential impacts on monetary policy.