before Farage resigned as an MP.<\/a><\/p>\nFarage and Harborne have both said there were no strings attached to the personal gift, nor to the political donations to Reform.<\/p>\n
The Bank of England’s governor Andrew Bailey recently confirmed that Farage raised the issue of cryptocurrency regulation and the related issue of central bank digital currencies with him in September last year.<\/p>\n
He said Farage made his views “very clear”, but the “intervention” did not change the Bank’s policy, and that in general he could spot “lobbying” and knew how to discount it.<\/p>\n
There was a specific issue Farage was concerned about – speculation that the Bank of England would push ahead with a limit on holdings of potential sterling stablecoins of between \u00a310,000 and \u00a320,000.<\/p>\n
The industry was lobbying hard against it.<\/p>\n
My understanding is that Farage did not raise Tether specifically with the governor, but he did talk about stablecoin regulation in general.<\/p>\n
It raises reasonable questions about the precise details of that conversation and the scope for any possible benefit to Tether and its shareholders from shifts in Bank of England policy.<\/p>\n
The Reform leader had already spoken openly about embracing cryptocurrencies.<\/p>\n
“Tether is about to be valued as a $500bn company,” he told LBC presenter Nick Ferrari in September, the day before meeting Bailey.<\/p>\n
“This world is enormous, and I’ve been urging for years that London should embrace it. We should become a global trading centre for this stuff under proper regulation.”<\/p>\n
On the wider conversation, Farage’s team say that “his remarks to Andrew Bailey are consistent with his long-held belief that the UK should be a global hub for regulated cryptocurrency innovation and investment”.<\/p>\n
To that end, last May when Reform was ahead in the polls, the only piece of draft legislation it had published was its Cryptoassets and Digital Finance Bill.<\/p>\n
It had a fleeting reference to stablecoins, and no reference to the Bank’s existing plan to limit personal holdings.<\/p>\n
I read it and downloaded it.<\/p>\n
It has since disappeared from the Reform website and from the web generally.<\/p>\n<\/div>\n
\n
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