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Points of Focus
- Reform UK received £72 million from crypto billionaires Ben Delo and Christopher Harborne, with each announcing a £36 million contribution within two days.
- Proposed rules would impose a £100,000 annual cap on donations from overseas electors and apply retrospectively to qualifying donations received from March 25.
- The bill reaches the House of Lords on Sept. 14 as MPs and unions push for wider donation caps.
Reform UK’s £72 million from two crypto billionaires is facing scrutiny as Parliament considers retrospective restrictions on political donations.
BitMEX co-founder Ben Delo and crypto investor Christopher Harborne each announced a £36 million contribution to Nigel Farage’s party within two days. The combined sum exceeds what either Labour or the Conservatives spent at the previous general election.
Reform says both donations comply with existing law. Their longer-term status could depend on provisions covering donors who live abroad or have recently returned to Britain.
Retrospective rules could reach the donations
The government’s response to the Rycroft Review proposes an annual £100,000 cap on political donations and regulated transactions from overseas electors. Anyone who was registered as an overseas elector on or after March 25 and subsequently returned to Britain would remain subject to the cap until they had lived in the UK for a full calendar year, according to the government’s guidance to political parties.
The provisions are retrospective. Donations from overseas electors received from March 25, 2026 would count toward the limit once the legislation takes effect, with qualifying excess donations accepted before commencement subject to a 60-day return period.
People moving to the UK from abroad from July 6 who were not previously registered as overseas electors can also face a modified £100,000 limit during the transitional period.
Communities Secretary Angela Rayner said the provisions could have implications for the Reform donations. Harborne has been based in Thailand and is registered to vote in Britain, while Delo recently returned from Hong Kong.
Their treatment under the legislation will depend on their electoral and residency status under the final statutory tests.
The government is also introducing a moratorium on political donations made through cryptoassets, applying retrospectively from March 25. Available reporting gives no indication that Delo or Harborne made their £36 million contributions in crypto.
£72M revives calls for a domestic cap
Trade unions Unite and Unison, Labour MPs and donors associated with several political parties have urged the government to reconsider a wider cap. A proposal for a £100,000 annual ceiling on most domestic political donations was raised during the bill’s Commons passage but was not put to a vote after the government said the issue would be referred to a taskforce.
The Electoral Commission has warned that the amendments would create new declaration requirements, residency tests and obligations to return donations exceeding the limit.
The Representation of the People Bill passed its Commons third reading on Sept. 2 and is scheduled for its second reading in the House of Lords on Sept. 14.
Reform has meanwhile made digital assets part of its economic platform. Farage has proposed lower taxes on crypto and a Bitcoin reserve at the Bank of England. Harborne has said he expects no policy change or political appointment in exchange for his contribution.
Whether Reform ultimately has to return any of the £72 million will depend on how the final residency and overseas-elector tests apply to the two donors.
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