The @Telegraph has published a series of articles over recent months that together paint a concerning picture of Reform UK's relationship with 'crypto'. From coverage of how Tether’s empire has generated billions for Reform UK’s largest backer, Christopher Harborne, to the latest column raising serious questions about the party’s embrace of crypto policy. I want to give the Telegraph credit where it is due. On the core connection they have got it right and it is dodgy. Christopher Harborne, a major Tether shareholder with ties to the iFinex and Bitfinex, has funnelled record sums including a £9m donation into Nigel Farage and Reform UK. That money flows while the party pushes pro-crypto and stablecoin policies that could shape Bank of England regulation and the UK's role in the global stablecoin market. This combination of one large Tether investor, massive personal gifts, and direct policy influence deserves real scrutiny. I want to give the Telegraph credit again. They are right to highlight this connection. However, they are slightly barking up the wrong tree by framing it as a general problem with Reform’s 'love of crypto'. Reform’s crypto policy is actually good. With just a few tweaks it would be exactly what the UK needs. The real issue is the specific stablecoin connection and heavy reliance on one powerful Tether investor. In fairness, Farage is not the only politician Harborne has bankrolled. He also donated £1 million to a company set up by Boris Johnson in 2022 and is the largest single shareholder in the defence firm QinetiQ. Also, worth noting he sometimes goes by his Thai name Chakrit Sakunkrit after taking Thai citizenship. The Telegraph’s reporting is strongest when it focuses on the specific Harborne > Tether > Reform connections. That said, their stories sometimes gets diluted by mixing Bitcoin with the crypto sector when the real issues here are much more targeted. It also blends traceable on-chain crypto donations which are often far more transparent than traditional finance with the quite different issue of concentrated influence from a major Tether investor operating in a separate regulatory environment. Reform's actual policy positions on crypto and stablecoins remain among the most sensible and forward looking of any major UK party. They prioritise innovation and London as a global hub over heavy handed regulation. The real problem is the heavy reliance on and potential capture by powerful investors tied to a dominant stablecoin player and not the policy direction. But I guess, that's not news ... it's our political system. Full article here: telegraph.co.uk/business/202… H/t to @JeremyWarnerUK & @matthfield.