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Increasing political pressure is mounting within the United Kingdom, as watchdogs are being asked to scrutinize bitcoin promotions associated with public figures, amidst a wider examination of digital asset markets globally.
Liberal Democrat deputy leader Daisy Cooper has implored the Financial Conduct Authority to look into Nigel Farage regarding his association with the bitcoin treasury company Stack BTC. This appeal stems from a promotional video where the firm asserted that Farage facilitated a £2 million bitcoin acquisition on their behalf.
The company characterized the transaction as a “pivotal moment” in British political history, noting that Farage is the first sitting Member of Parliament and the first leader of a UK political party to publicly purchase bitcoin.
Farage had previously disclosed an investment in the company, leading to inquiries about potential conflicts of interest and market conduct.
In correspondence addressed to FCA chief Nikhil Rathi, Cooper articulated concerns that Farage’s dual capacity as an investor and advocate might expose novice investors to peril. She requested the regulator to ascertain whether these actions could constitute market manipulation or undue influence.
“Farage might be adopting the Trump strategy to prioritize his personal gains over the public welfare,” Cooper stated on X.
The FCA acknowledged receiving the request and indicated that the matter would undergo review.
This contentious issue also intersects with political funding. Cooper highlighted a substantial £9 million donation to Reform UK from cryptocurrency investor Christopher Harborne, which she deemed exceptionally large. She contended that financial connections between political entities and digital asset firms could obscure the boundary between lobbying and personal benefit.
Farage has actively supported initiatives intended to promote cryptocurrency adoption, including proposals for a national bitcoin reserve and the use of digital assets for tax remittances.
Farage’s stake in Stack BTC
In the preceding month, the MP invested £215,000 into Stack BTC via his media enterprise, Thorn In The Side Ltd, acquiring approximately a 6.3% share. This investment was part of a £260,000 funding drive for the London-based Bitcoin treasury firm, which has ties to former UK chancellor Kwasi Kwarteng.
The fundraising effort saw participation from Blockchain.com and involved the issuance of 5.2 million new shares valued at 5 pence each, with a planned listing on the Aquis Growth Market.
Farage, a long-standing proponent of bitcoin, has advocated for a Bank of England bitcoin reserve and pro-cryptocurrency legislation, while his party, Reform UK, accepts bitcoin contributions through the payment processor Radom.
Stack BTC specializes in bitcoin treasury management and institutional custody solutions, supported by investors including Christopher Harborne.
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Source: : bitcoinmagazine.com