As regulators receive calls from public officials to look into bitcoin promotion, political pressure in the United Kingdom continues to grow.
Liberal Democrat deputy leader Daisy Cooper urged Financial Conduct Authority investigate Nigel Farage Over his involvement with Bitcoin treasury company Stack BTC. It was made after the company produced a promotional film in which Farage is portrayed as a leader. executed a £2 million bitcoin purchase on its behalf.
It was described as an a “landmark moment” Farage, the British politician who is the only sitting UK MP to have publicly acquired bitcoin.
Farage revealed a previous investment in the firm. This raised concerns about conflict of interests and market behavior.
In a letter to FCA Cooper raised concerns about the dual roles of Farage as both investor and promoter, citing Nikhil Rathi. Cooper also cited that retail investors could be exposed to risks due to Farage’s dual position. She asked regulators to assess whether Farage’s activities could constitute market abuse, or an improper influence.
“Farage could be using the Trump playbook to put his own interests above the public good.” Cooper Posts on X
The FCA has confirmed that they have received the request, and will be reviewing the matter.
It also involves political funding. Cooper pointed to a £9 million donation to Reform UK from crypto investor Christopher Harborne, which she described as unprecedented in scale. Cooper argued financial links between politicians and digital assets firms can blur the lines between advocacy and self interest.
Farage promoted policies that aim to expand cryptocurrency adoption. This included proposals for a bitcoin national reserve, and tax payments made in digital assets.
Farage’s Investment in 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.
It involved the issue of 5.2 million shares, each worth 5p. The listing is scheduled on Aquis Growth market.
Farage has been a bitcoin supporter for many years. He called on the Bank of England to create a bitcoin reserve, and was also in favor of crypto legislation. His party, Reform UK, is also in favour of this. accepts Radom Payments accepts Bitcoin donations
Stack BTC focuses primarily on institutional bitcoin storage and treasury services. Investor Christopher Harborne is also a part of the Stack BTC team.
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Source: bitcoinmagazine.com
