Christopher Harborne, a British-born Cambridge graduate with Thai citizenship, has resided in Thailand since 1996 and is known by his Thai name Chakrit Sakunkrit. He controls an estimated 12% stake in Tether, the issuer of approximately $184 billion in circulating USDT stablecoins.
The Guardian’s investigation reveals that Harborne is the largest donor in UK party politics history, having contributed over £24 million to Reform UK and its predecessors since 2019. Despite not residing in the UK, his contributions have supported a party leading polls with an anti-establishment agenda.
Harborne’s wealth originates from early investments in Bitcoin (2011) and Ethereum (2014), which now constitute much of his fortune. Although he has no executive role or control over Tether, his stake results in considerable wealth. His £9 million donation to Reform UK in late 2025 set a record for the largest single contribution by a living person to a UK political party. An additional £3 million followed in March 2026.
Reform UK’s platform aligns with Harborne’s interests, advocating for crypto-friendly policies like a state-owned Bitcoin reserve and deregulation of digital assets. Despite claims of independence from donor influence, the close alignment between Reform’s financial backers and its political stance has attracted scrutiny.
In response to concerns about foreign financial interference in politics, the UK government introduced new measures following the Rycroft Review. The review identified increased risks from overseas funds and cryptocurrency opacity. New legislation caps political donations by British citizens living abroad at £100,000 annually and imposes a moratorium on crypto donations to parties.
These changes, effective as of March 25, 2026, are part of the Representation of the People Bill. The government aims to address vulnerabilities in tracing overseas funds and cryptocurrency ownership. While these measures are temporary until regulatory frameworks for cryptocurrencies mature, they represent an initial step toward safeguarding democratic processes from potential foreign interference.
Reform UK faces significant challenges due to these caps, as Harborne’s contributions previously accounted for two-thirds of its funding. The party must now navigate a substantial gap in donor resources ahead of the 2029 general election.
The new rules reflect a philosophical shift towards prioritizing residency over citizenship in political funding, acknowledging that individuals living under a country’s laws should have more influence in shaping elections. This approach anticipates future challenges as crypto wealth becomes increasingly globalized, with investors spanning multiple jurisdictions.
The Rycroft Review highlighted threats from several countries and acknowledged the decentralized nature of cryptocurrencies like USDT, complicating efforts to trace large political donations. As crypto wealth integrates into political systems worldwide, clearer regulatory frameworks will be essential in addressing issues of foreign interference, donor concentration, and transparency.
The UK’s recent regulations mark an early attempt to delineate these concerns, with their effectiveness set to be tested by the 2029 election.