Nigel Farage’s Reform UK party has raised $9.4 million from two cryptocurrency billionaires in the first quarter of 2026, helping it collect more donations than either Labour or the Conservative Party.

According to newly released UK political donation records, crypto investors Christopher Harborne and Ben Delo provided the bulk of Reform UK’s fundraising haul during the quarter. Their combined $9.4 million contribution accounted for roughly 28% of the $32.2 million in donations accepted by all UK-registered political parties during the period.

Harborne, who holds a 12% stake in stablecoin issuer Tether and is estimated to be worth $24.4 billion, donated $4 million to Reform UK on Jan. 23. The contribution followed a separate $12.1 million donation he made in 2025, which was widely reported as the largest political donation ever made by a living individual in Britain.

BitMEX co-founder Ben Delo contributed another $5.4 million through two separate payments made in January and March. Delo returned to the UK from Hong Kong earlier this year.

In 2022, he pleaded guilty to violating the U.S. Bank Secrecy Act over failures to implement anti-money laundering controls at BitMEX and later received a presidential pardon from Donald Trump.

As a result of those contributions, Reform UK reported $12.5 million in donations during the first quarter, ahead of the Conservative Party’s $8.1 million and Labour’s $5.5 million.

Crypto backers strengthen Reform UK’s fundraising position

Political support from crypto-linked donors has grown alongside Reform UK’s increasingly favorable stance toward digital assets.

Among major British political parties, Reform UK had been the only one willing to accept cryptocurrency donations before the UK government introduced restrictions following the government-commissioned Rycroft review. The measures included a moratorium on political donations made in crypto and limits on overseas political contributions from British expatriates.

Speaking about the new rules, Harborne said he believed he was “the reason” behind the cap on overseas donors. He also suggested the restrictions could face legal challenges and said he had not ruled out returning to the UK.

Meanwhile, Reform UK has continued promoting policies aimed at the crypto industry. Farage said in October 2025 that he would be a “champion” for digital assets. The party has since backed proposals including a national crypto strategic reserve and lower capital gains taxes on cryptocurrency investments.

Campaign finance reform groups have criticized the concentration of political funding among wealthy donors. Olly Buston, chief executive of Clean Up Westminster, argued that large donations from a small number of individuals contribute to public concerns about fairness in the political system.

Harborne’s relationship with Farage draws attention

Separate scrutiny has also emerged around Harborne’s financial ties to Farage personally.

According to reports, Farage purchased a $1.9 million property in May 2024 after receiving what was described as a $6.7 million personal gift from Harborne. Critics have argued the payment should have been declared after Farage entered Parliament, prompting calls for an investigation.

Farage and Reform UK have rejected those claims. Farage said the payment was made before he became a member of Parliament and therefore fell outside parliamentary disclosure requirements.

Earlier last month, he said legal advice obtained by his team concluded there was “no obligation” to declare the transfer because it qualified as an “unconditional, non-political, personal gift.”

The issue has already been referred to Parliamentary Standards Commissioner Daniel Greenberg by Conservative officials. Labour chair Anna Turley has also questioned the arrangement, while Reform UK maintains that the payment was exempt from disclosure rules because it was received before Farage became the party’s candidate for Clacton.

Largest U.S. banks have moved toward a shared tokenized deposit network as stablecoin firms push deeper into payments and corporate finance.

The Wall Street Journal reported that the Clearing House will run the system, a real-time payment network owned by JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other major commercial banks. The network is expected to launch in the first half of 2027 and will be available to banks across the United States.

Banks prepare a blockchain payment network

The planned system will connect existing bank payment rails with blockchain infrastructure used in digital assets. According to the Journal, tokenized deposits on the network could move instantly and settle around the clock, giving banks a way to offer blockchain-based payments without pushing deposits outside the regulated banking system.

Clearing House CEO David Watson told the Journal that the project is “a big move for the banks,” adding that the industry faces a “radically different” future around on-chain payments and finance.

The banks have not selected the blockchain vendor for the network, according to the report. Some participating banks have called the project “the bridge,” while others have referred to it as “the chain.”

Tokenized deposits gain ground amid stablecoin clash

The plan comes as banks watch crypto firms compete more directly in payments. The Journal reported that large banks have grown concerned that stablecoins could pull deposits away from lenders if crypto companies win more business from consumers and corporations.

Banks and crypto firms have also clashed over stablecoin legislation that advanced recently in Washington. According to the Journal, banks remain unhappy that the rules leave room for interest-like structures on stablecoins, while crypto companies have described the proposal as a compromise.

Banks prefer tokenized deposits because they represent regular bank deposits on a blockchain. The Journal reported that this structure keeps the same credit risk profile, regulatory treatment, and accounting approach as traditional deposits, making it easier for banks to adopt digital payment systems under existing rules.

Corporate treasury demand comes first

The Clearing House expects large multinational companies to be among the first users of the network, according to the Journal. Potential uses include programmable treasury operations, real-time liquidity management, and cross-border payments.

Shahmir Khaliq, Citi’s head of services, told the Journal that the network is another step that strengthens banks’ role in financing, money management, and capital markets.

At Bank of America, Mark Monaco, head of global payments solutions, said clients are not “beating down the door” for tokenized deposits. Still, he told the Journal that some interest exists and that the network would help banks stay ready as adoption develops.

JPMorgan has already used JPM Coin for internal institutional payments on its private blockchain, according to the Journal. The bank has also launched a deposit token called JPM Coin on Base, a public blockchain linked to Coinbase Global, with access limited to institutional clients. Last year, major banks explored a joint stablecoin effort through the Clearing House and Early Warning Services, the operator of Zelle, the Journal previously reported.

CME Group Chief Executive Terry Duffy has warned that the recent approval of cryptocurrency perpetual futures in the U.S. has created significant risks for investors and the financial system, calling the products “a disaster waiting to happen.”

According to remarks delivered at Piper Sandler’s Global Exchange & Fintech conference on June 4, Duffy criticized the Commodity Futures Trading Commission’s decision to permit regulated crypto perpetual futures, arguing that the highly leveraged instruments introduce dangers that many market participants may underestimate.

Speaking shortly after several firms received regulatory clearance to enter the market, Duffy said speculation was increasingly replacing traditional market functions and questioned whether the new products serve the long-term interests of investors.

Perpetual futures, commonly known as perps, differ from standard futures contracts because they have no expiration date. The products allow traders to maintain positions indefinitely and often provide leverage of up to 50 times the deposited capital.

Duffy said the combination of high leverage and automatic liquidation mechanisms could expose retail traders to substantial losses, particularly if they do not fully understand funding rate costs and other risks associated with holding positions over extended periods.

Why is CME concerned about crypto perpetual futures?

Concerns from CME come as the U.S. crypto derivatives market undergoes one of its biggest regulatory changes in years.

On May 29, the CFTC approved the first regulated crypto perpetual futures products for U.S. participants, opening a market that had previously been dominated by offshore exchanges.

Days later, prediction market operator Kalshi launched Bitcoin perpetual futures, followed shortly by Ethereum perpetual futures on June 4, 2026. A broader suite of 11 additional cryptocurrency contracts, including Solana and Dogecoin, has been submitted for regulatory review but remains pending case-by-case approval before they can go live for trading

At roughly the same time, Coinbase Financial Markets received regulatory guidance allowing eligible U.S. institutional clients to access perpetual futures and options listed on Deribit, the derivatives exchange Coinbase acquired in 2025.

Separately, Kraken announced plans to launch regulated Bitcoin perpetual futures through Bitnomial Exchange, a regulated platform acquired by Kraken parent company Payward earlier this year.

The rapid expansion has prompted investors to reassess the competitive landscape for exchange operators. Shares of CME Group, Cboe Global Markets, and Intercontinental Exchange have come under pressure this week as some investors worry that regulated crypto perps could draw trading activity away from traditional futures markets.

Despite those concerns, Duffy argued that institutional demand for the products remains limited. He said between 85% and 90% of CME’s trading activity comes from institutional participants and noted that analysts covering the company do not view perpetual futures as a meaningful replacement for futures products typically used by professional investors.

What concerns does Duffy have about the approval process?

Beyond the products themselves, Duffy questioned how regulators handled the approval process.

During his conference appearance, the CME executive said the CFTC moved too quickly when reviewing what he described as a novel and complex financial instrument.

According to Duffy, regulators bypassed the type of comprehensive review process that would normally accompany the introduction of a new derivatives product carrying substantial leverage.

His comments arrive as firms across the crypto industry race to establish a foothold in the newly opened U.S. perpetual futures market.

While exchanges such as Kalshi, Coinbase, and Kraken are moving rapidly to expand offerings, Duffy said the risks associated with leverage-heavy products warrant greater scrutiny before they become widely adopted by retail traders.

The cryptocurrency-funded peptide market has surpassed a $100 million annual run rate after first-quarter sales jumped 159% quarter-over-quarter to $32 million, according to a new report from Chainalysis.

According to Chainalysis, demand for off-label peptides has expanded rapidly beyond niche biohacking communities, creating a growing gray-market industry that increasingly relies on cryptocurrency payments.

The blockchain analytics firm said peptide purchases reached $32 million during the first quarter of 2026, up from $12 million in the previous quarter.

Peptides, which are short chains of amino acids used in health, fitness, and wellness products, have gained attention following the success of GLP-1 drugs such as Ozempic and Wegovy. Chainalysis said growing consumer interest in weight loss, performance enhancement, and recovery products has pushed more buyers toward alternative peptide suppliers operating outside traditional pharmaceutical channels.

Many of those suppliers are based in China, where access to conventional banking services can be limited for businesses selling prescription-grade compounds and unregulated substances. As a result, Chainalysis said cryptocurrency has become a key payment rail connecting manufacturers with international buyers.

Stablecoins have become the preferred payment method

Examining on-chain activity linked to major peptide vendors, Chainalysis found that larger suppliers increasingly favor stablecoins over more volatile cryptocurrencies.

The firm said vendors receiving average deposits of at least $1,000 showed a payment mix dominated by stablecoins, suggesting an effort to reduce exposure to crypto price swings while handling larger supply-chain transactions.

What began as a small market catering to specialized buyers has evolved into a more organized ecosystem, according to Chainalysis.

The report noted that leading vendors are adopting increasingly sophisticated on-chain financial practices while continuing to process significant volumes through Bitcoin and stablecoins.

Chainalysis compared the peptide trade to other gray-market industries that have historically turned to cryptocurrency after encountering restrictions from banks and payment processors. The firm said suppliers can offer raw and unbranded products directly to consumers at prices well below those available through regulated channels.

The findings also fit into a wider trend previously identified by Chainalysis. Earlier this year, the company reported that cryptocurrency flows to suspected trafficking services rose 85% during 2025, with stablecoin-heavy networks operating through Telegram and other online platforms.

Chainalysis said blockchain transparency nevertheless provides investigators with permanent transaction records that can help track financial activity and identify key intermediaries.

Quality testing spending has fallen despite rising demand

Alongside rising sales, Chainalysis identified a decline in spending on independent product testing among peptide buyers.

The firm said many customers previously sent payments both to peptide suppliers and to Janoshik, a Czech-based laboratory that tests chemical purity. As the number of buyers surged, however, testing expenditures failed to keep pace with sales growth.

According to Chainalysis estimates, average testing spending per buyer fell 88% to roughly $8, even though Janoshik is conducting more tests than before. The decline occurred because new demand entered the market faster than testing activity expanded.

Safety concerns have also emerged around some suppliers participating in the industry. Chainalysis reported that Shanghai Sigma Audley, a company it linked to organizations previously involved in selling fentanyl precursors, generated at least $1 million in Bitcoin and $3.59 million in stablecoins before expanding into peptide sales.

Given the combination of unregulated products and cryptocurrency-based transactions, Chainalysis warned that many new customers entering the sector may have limited experience with either market, increasing potential risks as the industry continues to grow.

Nine Democratic lawmakers in the US House of Representatives have called on the Federal Trade Commission to launch a probe into how prediction markets are advertising to customers compared to how they present themselves to regulators.

In a statement on Wednesday, US Representatives Kevin Mullin and Gabe Vasquez said the FTC should investigate whether online prediction market platforms are misleading customers by advertising as gambling platforms while telling regulators they are financial tools offering investment products.

Prediction markets allow users to trade contracts on the outcome of future events. They have also been facing scrutiny over insider trading, with Congress launching a probe into Polymarket and Kalshi in May and questioning the companies’ responses to insider-trading incidents on their platforms.

The Democratic lawmakers allege that prediction market platforms use language associated with sports gambling, including legal betting and betting on sports without a sportsbook, while attempting to evade state gambling regulations.

A group of nine Democratic lawmakers is calling on the FTC to launch a probe into prediction markets. Source: Kevin Mullin

“These prediction market companies are presenting themselves differently to regulators than they are to the public, and that kind of contradictory messaging can mislead consumers about what rules and protections actually apply,” Mullin said.

“We are urging the FTC to investigate these practices and ensure consumers are protected from this potentially deceptive activity,” he added.

In their letter, the lawmakers are also asking the FTC for detailed information by June 29 on whether it has plans to take investigative or enforcement action against prediction market platforms for possible deceptive practices.

Related: Kalshi bans 3 US politicians for betting on their own election races

At the same time, the lawmakers have asked whether the FTC has received complaints about prediction markets and if the FTC considers public perception and legal filings when determining if a company has engaged in possible deceptive practices.

US Representatives Jared Huffman, Raul Ruiz, Salud Carbajal, Mike Levin, Dina Titus, Paul Tonko, and Valerie Foushee have also signed the letter.

Prediction markets have emerged as a significant real-world use case for blockchain, with some platforms relying on crypto rails and stablecoins for settlement and payments.

In March, transactions hit record highs amid growing interest in political and geopolitical event contracts, improved accessibility and positive regulatory developments for the industry.

Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?  

Key Takeaways

• RBRK stock declines even as company delivers 39% revenue increase and improved cash generation.
• Shares fall in after-hours trading despite AI-focused cybersecurity platform expansion.
• Rubrik posts impressive ARR gains, but stock pressure continues following quarterly report.
• RBRK weakens as investors digest AI expansion, profitability metrics, and forward outlook.
• Company advances AI security offerings while facing post-earnings stock decline.

Shares of Rubrik (RBRK) experienced selling pressure following the company’s announcement of impressive first-quarter performance and increased emphasis on artificial intelligence-powered cybersecurity solutions. The stock closed regular trading at $77.00, declining 3.10%, then slipped further to $75.61 in extended hours. This downturn occurred even as the company demonstrated accelerating revenue, enhanced cash generation, and broader enterprise market penetration.

Rubrik, Inc., RBRK

First Quarter Delivers Impressive Financial Performance

Rubrik unveiled its fiscal 2027 first-quarter financial results covering the three months concluded April 30, 2026. The data security specialist generated total revenues of $387.1 million, representing a 39% surge from the $278.5 million recorded in the comparable period last year. Subscription-based revenues climbed 41% to reach $374.2 million.

The organization disclosed that subscription-based annual recurring revenue hit $1.57 billion at the end of the reporting period. This metric demonstrated 32% annual expansion and underscored sustained market appetite for its security offerings. Revenues excluding material rights surged 43% compared to the year-ago quarter.

Rubrik simultaneously enhanced its profitability indicators throughout the period. GAAP-based gross margin expanded to 80.5%, while the non-GAAP gross margin improved to 82.9%. Furthermore, free cash flow generation climbed to $73.6 million, compared with $33.3 million in the prior-year period.

Company Advances AI-Driven Security Strategy

Rubrik has strategically repositioned itself as both a security and AI operations provider as businesses confront escalating cyber threats. The organization concentrates on data protection, identity restoration, cloud infrastructure resilience, and incident response capabilities. Consequently, the quarterly performance reflects growing enterprise demand for comprehensive cyber resilience solutions.

Throughout the quarter, Rubrik broadened multiple AI-integrated and cloud security capabilities. The company announced availability of Anthropic’s Mythos Research Preview via Project Glasswing. It simultaneously rolled out data protection functionality for Google Workspace, encompassing Gmail and Google Drive recovery capabilities.

Rubrik additionally introduced Rubrik Agent Cloud designed for Google Cloud’s Gemini Enterprise Agent Platform. This solution enables organizations to identify AI agents, implement protective parameters, and undo detrimental agent activities. The company also revealed SAGE, its artificial intelligence governance framework providing real-time agentic oversight.

Forward Guidance Signals Continued Expansion

Rubrik projected second-quarter fiscal 2027 revenues ranging from $395 million to $397 million. The company anticipates non-GAAP earnings per share between $0.03 and $0.05. It also forecasts subscription ARR contribution margin in the 11% to 12% range.

For the complete fiscal year, Rubrik anticipates revenues between $1.638 billion and $1.648 billion. The organization also projected subscription annual recurring revenue between $1.854 billion and $1.862 billion. Free cash flow projections range from $293 million to $303 million.

The company concluded the quarter holding $1.75 billion in cash, cash equivalents, and short-term investment securities. It also disclosed 2,946 customers generating subscription ARR exceeding $100,000. Nevertheless, the stock continued declining as market participants digested the comprehensive earnings announcement.