The race for crypto dominance has entered politics, with U.S. president Donald Trump and Reform U.K.’s leader Nigel Farage both pitching bold visions to make their nations the global hub for digital assets.
Farage Pledges to Make Britain a Crypto Powerhouse
Speaking at the Digital Asset Summit in London on Monday, Farage told attendees, "I am your champion," outlining plans to create a “state-owned Bitcoin reserve” and introduce a new crypto bill to cut capital gains tax and allow taxes to be paid in digital assets.
The proposal would redirect roughly £5 billion ($6.7 billion) worth of seized Bitcoin (CRYPTO: BTC) from criminal cases into a national reserve fund.
Farage also vowed to impose a flat 10% capital gains tax on cryptocurrency profits, replacing current income-based rates.
"It's the Trump playbook," said one conference attendee.
The remark referred to Farage's strategy of appealing to digital asset investors ahead of the 2029 election.
Reform is currently the only major British party that accepts crypto donations.
Farage Slams Digital Pound as "Authoritarian Nightmare"
Farage rejected the Bank of England's plan for a central bank digital currency.
Instead, he called it an “authoritarian nightmare.”
He promised to block the initiative if his party gains power, warning it would give the state "vast control over individuals."
He also criticized the central bank's proposed limits on stablecoin holdings.
"Frankly ridiculous," he said, adding he spoke directly with Governor Andrew Bailey about the policy.
The remarks drew applause from crypto advocates pushing for a more open regulatory approach in Britain.
Trump Positions U.S. as the Global Crypto Capital
Before becoming the 47th president of the United States, Donald Trump campaigned on a pro-crypto platform, calling himself the “Bitcoin president.”
His administration signed the GENIUS Act, the country's first federal framework for regulating stablecoins.
He has also authorized 401(k) retirement plans to include cryptocurrency investments and ordered an end to what he called "discriminatory banking practices" against crypto firms.
The White House has backed the creation of a strategic Bitcoin reserve, while major financial institutions such as Goldman Sachs Group Inc. and Citigroup Inc. are now exploring blockchain-based dollar products under the new law.
Together, these moves have redefined the U.S. approach to digital finance, drawing a sharp contrast with Europe's more cautious stance under the EU's MiCA framework.
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