A record-breaking £9 million (approximately $12 million) donation from crypto investor and businessman Christopher Harborne has propelled the Reform UK party to the top of political fundraising charts, simultaneously igniting a government debate over a potential ban on all crypto contributions.

The sum now stands as the largest single political donation ever made by a living person to a UK political party. Harborne, a British investor residing in Thailand, has previously donated to the Conservative Party and the Brexit Party, which later became Reform UK.

Fundraising Landscape Reshaped

Figures released by the UK’s Electoral Commission for the third quarter show Reform UK raised over £10.2 million. This total is more than double the £4.6 million collected by the Conservative Party in the same period. For context, the Labour Party brought in £2.1 million, and the Liberal Democrats reported £1 million.

This marks the first full quarter where Reform has out-fundraised the Conservatives since the 2024 general election. Conservative leader Kemi Badenoch downplayed the impact of Harborne’s contribution, describing it as a “one-off” and insisting her party remains stronger with its base of steady, repeat donors.

Harborne’s donation surpasses the previous record of £8 million, set in 2019 by Lord David Sainsbury in a donation to the Liberal Democrats.

Scrutiny Mounts Over Digital Asset Donations

The massive contribution has intensified the debate around cryptocurrency’s role in UK politics. In May, Reform leader Nigel Farage announced the party would become the first in the UK to accept Bitcoin donations, later launching a dedicated digital portal for such contributions.

That decision is now under increasing political scrutiny. The UK government confirmed it is looking into whether cryptocurrency donations should be blocked entirely, driven by concerns over transparency and the risk of foreign interference in British politics. Security specialists caution that while blockchain records are public, the true origin of funds can still be obscured through layered wallets and offshore structures.

The debate gained urgency after former Reform Wales leader Nathan Gill was convicted and sentenced to over 10 years in prison for accepting payments to promote pro-Russian narratives. The government ministry leading work on the Elections Bill has also warned that existing rules leave the political system exposed to covert foreign influence.

This discussion unfolds as the UK moves to formalize its digital asset rules. On December 3, Parliament passed a law recognizing cryptocurrencies and stablecoins as legal property for the first time, highlighting the complex and evolving relationship between the government and the digital asset industry.