Political pressure is building in the United Kingdom as regulators face calls to examine bitcoin promotion tied to public officials, while broader scrutiny of digital asset markets continues across jurisdictions.
Liberal Democrat deputy leader Daisy Cooper urged the Financial Conduct Authority to investigate Nigel Farage over his involvement with bitcoin treasury firm Stack BTC. The request follows a promotional video in which the company said Farage executed a £2 million bitcoin purchase on its behalf.
The company described the purchase as a “landmark moment” in British politics, stating that Farage is the first sitting MP and the first UK political party leader to publicly acquire bitcoin.
Farage had disclosed a prior investment in the firm, raising questions about conflicts of interest and market conduct.
In a letter to FCA chief Nikhil Rathi, Cooper cited concerns that Farage’s dual role as investor and promoter could expose retail investors to risk. She asked the regulator to determine whether the activity could amount to market abuse or improper influence.
“Farage could be using the Trump playbook to put his own interests above the public good.” Cooper posted on X
The FCA confirmed receipt of the request and said it would review the matter.
The controversy also touches on political financing. Cooper pointed to a £9 million donation to Reform UK from crypto investor Christopher Harborne, which she described as unprecedented in scale. She argued that financial ties between political actors and digital asset firms could blur the line between advocacy and self-interest.
Farage has promoted policies aimed at expanding cryptocurrency adoption, including proposals for a national bitcoin reserve and tax payments in digital assets.
Farage’s investment into Stack BTC
Last month, the MP invested £215,000 in Stack BTC through his media firm Thorn In The Side Ltd, taking about a 6.3% stake as part of a £260,000 fundraising round for the London-listed Bitcoin treasury company linked to former UK chancellor Kwasi Kwarteng.
The raise included participation from Blockchain.com and involved issuing 5.2 million new shares at 5 pence each, with listing planned on the Aquis Growth Market.
Farage, a long-time bitcoin advocate, has called for a Bank of England bitcoin reserve and pro-crypto legislation, while his party Reform UK accepts bitcoin donations through payment firm Radom.
Stack BTC focuses on bitcoin treasury management and institutional storage services, with backing that also includes investor Christopher Harborne.
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