The UK Parliament is investigating Reform UK leader Nigel Farage for undeclared $6.8 million donation from a cryptocurrency billionaire.

CoinFeed reported on May 14th that, according to CoinDesk, the UK Parliament's code of conduct watchdog is conducting a formal investigation into Reform UK leader Nigel Farage for failing to declare a £5 million donation from crypto billionaire Christopher Harborne, who holds a 12% stake in stablecoin issuer Tether. Farage argues that the donation was used to pay for personal security and is exempt from disclosure. If found guilty of violating the code of conduct, Farage could face suspension. A YouGov poll shows Reform UK leading with 28% support, making Farage a potential candidate for the next Prime Minister. The UK government suspended political crypto donations in March, and this ban will be enshrined in the People's Representatives Act.